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China's Midea makes $5-billion bid for German robot maker Kuka


05-20-2016 06:04 BJT

Chinese home appliance maker Midea Group is offering $5-billion to buy German factory robot manufacturer Kuka AG. It's the latest bid by a Chinese investor to gain control of cutting-edge German industrial technology.

The offer breaks down to 115 euro per share, valuing Kuka at around 5.07 billion dollars. That represents a premium of 36 percent to Kuka's share price on Tuesday. Kuka is one of the world's largest producers of industrial robots. It's a poster child of Germany's drive to upgrade its manufacturing sector to master the Industrial Internet.

Meanwhile, China is trying to make the transition from a low-cost factory location into a high-tech industrial hub.  Kuka is the latest in a series of German industrial targets for Chinese buyers. Midea says it aims to expand Kuka's know-how in robotics for general industry and logistics applications, and open doors for better access to Chinese markets.

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