Midea Group Says Kuka Bid Approved by China’s Commerce MinistryBloomberg News
Midea Group Co. said China’s Ministry of Commerce approved its bid to buy German robot maker Kuka AG, one of a series of international regulatory permissions that the Chinese firm has said that it needs.
The firm told Shenzhen’s stock exchange on Wednesday that the ministry had given its approval.
The appliance maker owns about 95 percent of Kuka after making a cash offer that valued the company at 4.6 billion euros ($5.2 billion).
While Midea’s takeover sparked opposition from German politicians who wanted to limit Chinese ownership, the bid won the backing of Kuka’s management. Vice-Chancellor Sigmar Gabriel sought but failed to find an alternative European buyer.
— With assistance by Li Liu