Kuka takeover
Midea announces result of the takeover offer
Midea has announced the result of its takeover bid for all shares in Kuka AG following the expiry of the acceptance period. Subject to the approval of the antitrust authorities, the Chinese investor would currently hold a stake of just under 86% in the Augsburg-based robot manufacturer.
After the end of the acceptance period - i.e. on July 15 - 72.18% of Kuka shares were submitted for sale, including those of the previous major investors Voith and Friedhelm Loh. Together with the 13.51% stake already indirectly held by Midea before the takeover bid was submitted, the Chinese manufacturer of household appliances, heating, ventilation and air conditioning systems currently holds 85.69% of Kuka's issued share capital and existing voting rights.
According to the German Securities Acquisition and Takeover Act (WpÜG), shareholders who have not tendered their shares can still accept the offer during the additional two-week acceptance period, which begins on July 21 and ends on August 3 at midnight. Thereafter, Midea will announce the final acceptance ratio.
Founded in 1968 in Guangdong, China, Midea has more than 200 subsidiaries and nine strategic business units. The company's total revenue amounted to more than EUR 18.7 billion in the 2015 financial year (as of December 31). Midea employs around 100,000 people at 21 locations worldwide and operates 260 logistics centers. The company is listed on the Shenzhen Stock Exchange, with international institutional investors accounting for around 20%.
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