Chinese firms including the Jiangsu Hagong Intelligent Robot Company are planning to make a bid to buy German industrial giant FFT, according to a report on Reuters.com.
Other companies said to be interested include state-owned Shanghai Electric and equity firm AGIC Capital, says Reuters.
FFT, which builds manufacturing facilities for automakers and other industrial companies, is said to be valued at around $712 million.
FFT is owned by an equity investment company called Aton, and any deal is not likely to cause any political controversies, according to people Reuters quotes.
ZF, a huge German automotive technology supplier, sold its Body Control Systems division to a Chinese company called Luxshare a few months ago, says Reuters.
Chinese companies have been looking at Germany for acquisitions of robotics and automation technology companies ever since the government launched its “Made in China” programme.
The programme calls for Chinese companies to develop the robotics and automation sector in the country.
There has been some pressure in Europe on politicians to make it more difficult for Chinese companies to take over European Union firms, and there was speculation that the EU would respond.
But since Midea’s acquisition of Kuka did not prompt any political action, it’s unlikely that similar deals will be prevented.
