Deals
China’s Midea Has 86% of Robot-Maker in $4.4 Billion Bid
- Investors can tender shares July 21-Aug. 3 in extended offer
- Chinese company had set target of at least 30% of Kuka shares
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China’s Midea Group Co. said it has almost 86 percent of Kuka AG’s shares, advancing a 4 billion-euro ($4.4 billion) bid to buy the German robot maker that has seen opposition from German politicians.
A total of 72.18 percent of the share capital was tendered in the offer that ended July 15 and Midea already held 13.51 percent of the German robot maker’s stock, the Foshan-based company said Monday in a statement. Midea, who had set a minimum acceptance at 30 percent, extended the period investors can tender their shares until August 3.