China’s Midea shares hit record high after firm raises stake in Germany’s Kuka
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The logo of German industrial robot maker Kuka is pictured on a Kuka robot arm during the Hannover Fair in Hanover, Germany, April 25, 2016.
Reuters/Wolfgang Rattay
Shares in China’s Midea Group Co Ltd (000333.SZ) hit a record high on Friday afternoon after the home appliance maker said it was increasing its stake in German robotics maker Kuka (KU2G.DE), as part of a 4.5 billion euro ($5 billion) takeover.
At 0632 GMT, Midea shares were up 6.5 percent at 28.80 yuan.
Together with a 13.51 percent stake already owned by Midea, the Chinese firm said on Thursday it would hold a total of 70.29 percent of Kuka.
The takeover offer will expire at midnight on Friday.
(Reporting by Nathaniel Taplin; Editing by Kenneth Maxwell)