Midea ups stake in auto supplier

Midea Group Co Ltd, China's biggest home appliances maker, has acquired an additional 72.18 percent of shares in Kuka AG, a leading global supplier of intelligent automation solutions, the Chinese company announced on Wednesday.

The increased shares were tendered on July 15, after the end of the acceptance period for a voluntary public takeover offer from Midea's subsidiary MECCA International Limited, for all Kuka shares.

Paul Fang, Midea's chairman and chief executive, said the larger shares would help grow Kuka's business and increase its footprint, especially in the Chinese market.

According to Midea, its stake in Kuka has now risen to 85.69 per cent of the issued share capital and existing voting rights. Midea had already indirectly held a 13.51 per cent share in the company.

The offer of 72.18 percent of shares remains subject to regulatory approvals, according to the company.

The German Securities Acquisition and Takeover Act states shareholders of Kuka who have not tendered their shares can still accept the offer during the additional two-week acceptance period, which will begin on Thursday and end on August 3.