kuka till reuter

Kuka takeover bid welcomed by Reuter, according to Reuters

kuka till reuter
Dr Till Reuter, chief executive of Kuka

The boss of Kuka has welcomed the takeover bid by Chinese company Midea, according to the Reuters news agency. 

Dr Till Reuter, chief executive of Kuka, is said to have made the comments at a shareholders’ meeting today.

Speaking of the proposal by Midea, Dr Reuter says: “The bid, as it has been announced, can support our strategy.”  

Midea, an appliance manufacturer based in China, formally launched a takeover bid in the last week, after having acquired around 15 per cent of the German company’s shares in the past few.

“We have set ourselves a goal of reaching a billion euros in sales by 2020. A partner who supports this strategy and provides us with better market access could be a considerable growth driver for Kuka,” adds Reuter, the Kuka boss.

The Midea bid values Kuka at around $5 billion. Kuka’s management and supervisory boards have not yet made official recommendations to shareholders about the bid, according to Reuters, the news agency.

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