Chinese consumer appliance company Midea Group is one step closer to taking control Germans robotics company Kuka.
Midea announced on Monday that 81.04 per cent of Kuka’s shares have been tendered to an offer made by Midea subsidiary Mecca International. This will add to the 13.51 per cent stake it already holds in Kuka.
In May Midea made a €4.5bn offer for Kuka, prompting concerns in Europe that a deal could transfer critical German technical know-how into Chinese hands. Kuka makes robots used by carmakers such as Audi and BMW, as well as US aircraft manufacturer Boeing.
From the statement:
81.04% of all existing shares of KUKA AG (KUKA), a leading global supplier of intelligent automation solutions, were tendered into the offer made by its subsidiary MECCA International (BVI) Limited by the end of the additional acceptance period at midnight August 3, 2016 (Central European Summer Time). With the expiration of the additional acceptance period, no further KUKA shares can be tendered as a part of the takeover offer.
The deal is still subject to regulatory approval.