Kuka takeover
Voith and Friedhelm Loh sell to Midea
As reported by several news sites, Kuka's major shareholders - the machine and plant manufacturer Voith and the entrepreneur Friedhelm Loh - have decided to sell their shares in the Augsburg-based robot manufacturer to the Chinese investor Midea.
The Heidenheim-based family business Voith acquired a stake in Kuka in the fall of 2014 and holds around 25% of Kuka shares worth around 1.2 billion euros. These will now be sold to Midea. The Chinese investor, which currently holds around 13.5% of Kuka shares, clearly exceeds the minimum acceptance threshold of 30%. As a result, Midea must now acquire all Kuka shares that are up for sale by the end of the offer period (July 15) for a price of 115 euros.
Entrepreneur Friedhelm Loh (Rittal) also wants to sell, as he explained to the Handelsblatt. Loh holds around 10% of Kuka shares via the holding company Swoctem. This means that Midea's absolute majority shareholding in Kuka is as good as secure.
At the end of June, Kuka signed an investor agreement with Midea that runs until the end of 2023. The commitments made there include, among other things, site and employment guarantees, a commitment to Kuka's existing strategy and the independence of the Executive Board, agreements to protect business partner data and a commitment not to seek a domination agreement or delisting.
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