The Midea Group has made a $5bn bid for one of the world's largest producers of industrial robot makers, Kuka AG. The Midea Group state that the bid is to get hold of Germany's new cutting-edge industrial technology and make a transition from low-cost factory location to a more high-tech industrial hub. German Chancellor Angela Merkel said on Monday she was "delighted" by the deal. Where we can help Kuka is mostly in China. Kuka management has plans to grow in China. Kuka shares jumped as much as 35.5 percent to a record high on Wednesday and traded 32 percent higher at 0743 GMT on the Frankfurt Stock Exchange. Given our meaningful footprint in China we can help them accelerate growth in terms of our customer base and supply chain."
The Midea Group has made a $5bn bid for one of the world's largest producers of industrial robot makers, Kuka AG. The Midea Group state that the bid is to get hold of Germany's new cutting-edge industrial technology and make a transition from low-cost factory location to a more high-tech industrial hub. German Chancellor Angela Merkel said on Monday she was "delighted" by the deal. Where we can help Kuka is mostly in China. Kuka management has plans to grow in China. Given our meaningful footprint in China we can help them accelerate growth in terms of our customer base and supply chain."