Midea to publish takeover offer for German robot maker Kuka on Thursday: sources

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Products of Midea are seen at a shop in Beijing, China, May 18, 2016. REUTERS/Kim Kyung-Hoon - RTSEST2
Products of Midea are seen at a shop in Beijing, China, May 18, 2016.

Reuters/Kim Kyung-Hoon – RTSEST2

China’s Midea Group Co Ltd is preparing to publish its previously announced takeover bid for German factory robot maker Kuka on Thursday, two people familiar with the plans told Reuters on Tuesday.

Midea has said it wants a stake of at least 30 percent in Kuka in a planned offer that would value the target at 4.5 billion euros ($5.0 billion). Achieving that will oblige it, under German takeover law, to make a takeover offer for all of the shares.

Earlier on Tuesday, German government coalition sources told Reuters Midea wanted a stake of no more than 49 percent and would resell any shares it acquires beyond that threshold.

But Midea will for now not include a pledge for an upper limit in the bid documents to be published on Thursday, the sources familiar with the publication plans said.

Midea declined to comment.

(Reporting by Alexander Huebner; Writing by Ludwig Burger. Editing by Jane Merriman)