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Tags: AS | China | Germany | Kuka

China's Midea Tries to Calm Fears on Bid for Germany's Kuka

Thursday, 16 June 2016 04:59 AM

HONG KONG (AP) — Chinese appliance maker Midea has promised that German industrial robot maker Kuka will remain independent, as it seeks to allay fears about its takeover bid for the company.

Midea's chairman said Thursday that it doesn't intend to "dominate Kuka or delist the business" as it released more details about the share offer announced last month.

The Chinese company already owns 13.5 percent of Kuka shares and is offering to buy the rest for 115 euros each, valuing Kuka at 4.6 billion euros ($5.2 billion).

Midea said it wouldn't force Kuka to change its brand, move its headquarters or share its intellectual property or sensitive customer data.

The offer is part of a wave of Chinese investments overseas but it also raised doubts in Germany about Chinese purchases of local companies.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Asia
Chinese appliance maker Midea has promised that German industrial robot maker Kuka will remain independent, as it seeks to allay fears about its takeover bid for the company.Midea's chairman said Thursday that it doesn't intend to "dominate Kuka or delist the business" as...
AS,China,Germany,Kuka
133
2016-59-16
Thursday, 16 June 2016 04:59 AM
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