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Ad hoc: Midea requests for full acquisition, delisting KUKA from the stock exchange
Source:Adsale Plastics Network     Editor:VC    Date:25.Nov.2021

Five years after acquiring robot manufacturer KUKA, the Chinese investor Midea Group Co., Ltd. submits formal request for transfer of the shares of the minority shareholders of KUKA.

 

The Group plans to delist KUKA from the stock exchange following a Squeeze-Out to facilitate a more effective growth path allowing clear focus on the operating business.

 

At present, Midea Group holds, indirectly through its subsidiaries Guangdong Midea Electric Co., Ltd., Midea Electric Netherlands (I) B.V., and Midea Electric Netherlands (II) B.V., more than 95% of the shares in KUKA Aktiengesellschaft (KUKA). Guangdong Midea Electric Co., Ltd. (Midea) is therefore the controlling shareholder

 

In an announcement on Nov 23, Midea formally requested KUKA's general meeting to pass a resolution to transfer the shares of all remaining shareholders (minority shareholders) to Midea against payment of an appropriate cash compensation (so-called Squeeze-Out).


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Headquartered in Augsburg, Germany, KUKA is a leading supplier of intelligent automation solutions.

 

Midea also confirms to commit to support KUKA in pursuing its joint long-term growth plan and, in particular, that at least until end of 2025, KUKA's production site as well as its leading R&D center shall remain in Augsburg, Germany with the annual R&D budget being increased by at least 15% by 2025 compared to 2021.

 

Given that Midea fully supports Kuka's long-term growth plan, the Management Board and the Supervisory Board, have decided that a public listing is no longer required for KUKA, as KUKA already ceased to obtain refinancing through the capital market following the takeover by Midea in 2016.

 

For 2021, KUKA is expecting sales of around €3.1 billion and EBIT of around €60 million, according to KUKA CEO Peter Mohnen.

 

It is noteworthy that among the many business sectors of Midea, air conditioners and consumer appliances still account for the majority. Although the robotics and automation business is the focus of profit growth, it does not contribute a large proportion to the overall revenue.

 

One of the key benefits for fully acquiring KUKA would be a further realization of collaboration and sharing of internal resources under the roof of Midea.

 


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