BRUSSELS: Top officials in Brussels and Berlin oppose a Chinese takeover bid of German industrial robotics supplier Kuka AG, a newspaper reported on Monday.
“Kuka is a successful company in a strategic sector that is of key importance for the digital future of European industry,” EU Commissioner for Digital Economy and Society Guenther Oettinger told the Frankfurter Allgemeine Zeitung.
Oettinger also questioned whether China would allow a foreign company to take a stake in such a strategic company and said: “I’m afraid not.”
The German politician added that “since there was no call for help to China, it is reasonable to ask whether a European solution — such as an offer from one of the other two major shareholders, or capital input from other European companies — would not be the better solution.”
Chinese appliance giant Midea Group Co — best known for its washing machines and air conditioners — last week launched a takeover offer for Kuka.
It is seeking at least a 30 percent stake in a deal that values Kuka at 4.6 billion euros (US$5.2 billion). Midea already holds a 13.5 percent stake in Kuka.
German Vice Chancellor Sigmar Gabriel, who is also the minister for economic affairs and energy, had also voiced concern about the proposed deal at a Cabinet meeting last week, the daily reported.
On the record, Gabriel’s ministry says the government does not involve itself in business affairs, the report said.
Kuka, based in the southern German city of Augsburg, describes itself as one of the world’s leading manufacturers of industrial robots, but also offers automated systems for manufacturing.
Midea is a leading consumer appliances maker, as well as China’s biggest producer of heating, ventilation and air-conditioning systems.
