Kuka
Midea delists Kuka from the stock exchange
Five years after the takeover of the Augsburg-based robot manufacturer Kuka, the Chinese investor Midea wants to delist the German company from the stock exchange. A so-called squeeze-out process has been initiated, Kuka announced on Tuesday.
As Midea already holds more than 95% of Kuka shares, the Chinese group can take over the shares of the remaining investors in return for a compensation payment.
Midea acquired the vast majority of Kuka shares in 2016. At the time, the domestic appliance manufacturer's investment in the German flagship company also caused much discussion among politicians in Berlin and Brussels.
Kuka and Midea are now aiming for growth outside the stock market in the coming years. To this end, investments in research and development in Augsburg are to be increased by at least 15% by 2025 compared to the current year, as the company reported.
Following the slump caused by the coronavirus crisis, Kuka aims to achieve sales of 3.1 billion euros this year and post earnings before interest and taxes (EBIT) of around 60 million euros. Following the announcement of the squeeze-out, the price of Kuka shares rose by around 16% to more than 78 euros on Tuesday.
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