Siemens, ABB seen as possible bidders for Kuka as alternative to Midea
German officials are seeking bidders for Augsburg-based Kuka as an alternative to Midea of China, and see ABB or Siemens as possible candidates, Handelsblatt reported, citing sources familiar with the matter. Midea, which holds a 13.5% share of Kuka, wants to purchase a 30% stake or more, valuing the maker of robots at nearly EUR 4.6bn, the article reported.
Although Germany-based Siemens and Switzerland-based ABB would not comment, sources told the English language edition of the German newspaper that Siemens feels it would be too costly to purchase Kuka.
Sigmar Gabriel, the German minister of the economy, has said he believes an alternative offer to Midea's - one that stems from Europe, particularly Germany - would be appropriate.
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Source Handelsblatt