Chinese target Kuka would assess any European bid: report



German industrial robot maker Kuka (KU2G.DE) would assess a possible European takeover bid but it is wrong to assume such an offer would take priority over the bid by China’s Midea Group Co Ltd’s (000333.SZ), Chief Executive Till Reuter told Frankfurter Allgemeine Sonntagszeitung.

Kuka is the latest and biggest German industrial technology group to be targeted by a Chinese buyer as the world’s second-largest economy makes the transition from a low-cost manufacturer into a high-tech industrial hub.

Chancellor Angela Merkel’s government is trying to coordinate an alternative offer for Kuka, with government sources expressing concerns about losing German technology to China.

“Should new options arise because of politicians’ efforts, then we will assess those the same way without prejudice as we are assessing the offer by Midea,” Reuter said in an interview published on Sunday.

He said Kuka has been in contact with federal and regional governments since before home appliance maker Midea’s 4.5 billion-euro ($5.12 billion) bid became public last month.

Asked whether a European counter offer would take priority should it come together, Reuter said: “This cannot be said in such a hard and fast way.”

The CEO said Midea has already made “several concessions” to Kuka’s management by pledging to keep jobs and R&D capacities in Germany, adding it may take several weeks for the Chinese bidder’s final offer to arrive.

(Reporting by Andreas Cremer; Editing by Alison Williams)





Source link

Reply

Pin It on Pinterest

Shares
Share This
NBC tries to promote karate for 2020 Olympics, shows taekwondo
Ala. lawyer busted trafficking methamphetamine, 369 grams seized
Former Cuomo aide killed in crash on Long Island Expressway
Critics rip Cuomo plan that combines tax and wage subsidies
Oil prices fall as analysts say August price rally has been overblown
Asian shares slip, dollar stands tall on Fed hike bets
Japan Inc unenthused over Abe's stimulus, BOJ easing: Reuters poll
Facebook can climb more than 20 percent on ad growth: Barron's
Singapore Luxury Real Estate: Back to a Buyer's Market
Sail The Seven Seas With Ease In The Oyster 625 Bandido
The Montblanc Meisterstück Is On Point
The Wining Wines of the 2015 En Primeur Campaign
Can’t believe you ate the whole thing? Blame ‘false hunger’
Lead in NYC tap water is a danger despite quality system
Seattle toddler speaks first words after nearly drowning
Humans first infected Neanderthals with herpes, tuberculosis
Barbra Streisand Tells Apple to Fix Siri's Pronunciation of Last Name
Watch Metallica Debut Punishing 'Hardwired' Live at Minneapolis Concert
Matt Roberts, Original 3 Doors Down Guitarist, Dead at 38
Frank Ocean Reflects on Creating 'Blonde' in Tumblr Posts
Obama wants more choices for consumers using cable boxes
Sanders preaches economic equality at the Vatican
Senator calls out CUNY boss Milliken on campus anti-Semitism
Angry campaign making strange bedfellows out of bedfellows
Basketball Football Other Sports
SEE IT: Softball player pulls off behind-the-back bunt
Nets owner Mikhail Prokhorov’s office raided in Moscow
Isola: Phil Jackson no longer the cool, calm man on bench
Mobile Social
How carbon nanotubes could give us faster processors and longer battery life
Facebook’s new teens-only app Lifestage turns bios into video profiles
Looklive helps men shop by mimicking celebs’ styles