Midea offers 115 Euro per KUKA share.
China's Midea, one of the world’s leading industrial groups in consumer appliances and Heating, Ventilation and Air- Conditioning (HVAC) systems, announced today that its subsidiary MECCA International Limited has launched the voluntary public tender offer for all shares in German robotics company KUKA.
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The publicatio of the tender offer confirms Midea’s previously stated intention to increase its shareholding in KUKA to above 30%. Midea’s shareholding following the tender offer will depend on the amount of shares tendered by KUKA’s shareholders.
The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) approved the publication of the offer document on June 15, 2016. The shareholders’ general meeting of Midea already approved the transaction on June 6, 2016.
The publication of the offer document marks the beginning of the acceptance period of the tender offer, which ends on July 15, 2016, 24.00 hours (local time Frankfurt am Main).
Midea is offering EUR 115 (~$128,50) in cash in exchange for each KUKA share.
Paul Fang, Chairman and CEO of Midea, commented: “We want to support KUKA's growth and plan to jointly realize the vast growth potential in China. Our aim is to increase our current shareholding to above 30 percent, in order to expand our current partnership with KUKA and to align our interests. Cutting-edge technology from Germany and Midea’s long-term experience and network in the Chinese market will allow us to benefit from the growth opportunities across different industries in China. We do not aim to dominate KUKA or delist the business.”
The KUKA takeover gives Midea access the high-end robotics technology. Robotics is one of China's strategic areas of future growth.
Midea published the offer letter on the Partnership in Robotics site.
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