Thursday, June 16, 2016

Kuka shareholders must decide by July 15 – FAZ – Frankfurter Allgemeine Zeitung

Great interest in Kuka – our picture shows the crowd at the Hanover Fair on 23 April this year.

After weeks of discussions on a future Chinese owner of German robot manufacturer Kuka are now the owner on train: you can opt to July 15 whether to accept the takeover bid, which the far Eastern home appliances manufacturers Midea has officially submitted this Thursday

As already announced. offer the Chinese 115 euros per Kuka share, a premium of 35 percent compared to the price before the announcement. Overall, the offer is 4.5 billion euros difficult.

The regular offer period runs from 16 June until 15 July. In addition, the Chinese stressed once again that the Augsburg company should remain independent. A Kuka spokeswoman said: “The Midea-offer has been made and will be checked by the boards. A reasoned opinion shall be delivered no later than in two weeks. “Kukas share price was in a falling overall market with 0.4 percent in positive.

The Bayern want and Asians score together with logistics and service robots and the roll up the important Chinese market by joining forces. Midea is 13.5 percent of the shares already a major shareholder of Kuka. The home appliances manufacturers affirmed was a prerequisite for the offer that the minimum acceptance level will reach 30 percent

Also the concerns about a sale of German technology were the Chinese again contrary. It is no control agreement with Kuka or any other enterprise agreement planned. Midea also welcome “a broadly diversified shareholder base with high free float alongside the other major shareholders”; Hessian entrepreneur Friedhelm Loh holds a ten percent stake Kuka, the Swabian industrial group Voith holds 25.1 percent, a blocking minority.

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After the Chinese had announced in mid-May, the bid for Kuka, resistance flared up in German politics. German Economics Minister Sigmar Gabriel (SPD) as wished a European alternative offer – without success. Recently, there was talk that Midea could settle for a minority stake of 49 percent in Kuka. The Chinese are willing to be separated from shares that andi ducks them Kuka shareholders about this brand out again. In the official offer documents to Midea however did not put firmly on maximum participation. Legally allowed a takeover bid in Germany can not be limited.

Midea reiterated “full and completely” support the operational autonomy of Kuka to, as well as the current strategy. The Group was ready at an investor agreement “dispense certain commitments,” which include preserving the sites and the staff strength of Kuka. The Augsburg robot manufacturer engaged in the world around 12,300 employees.

Midea and Kuka currently held discussions about this investor agreement, the report said. The Chinese want to support Bayern by its own account in the implementation of its strategy and work together for accelerated growth. “At the same time Kuka remain independent,” it said in the offer documents.

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