AUGSBURG (dpa-AFX) - German's Voith said that it agreed to sell its 25.1 stake in German industrial robots maker Kuka (KUKAY.PK, KUKAF.PK) to China's Midea Group Co. for about 1.2 billion euros.
Hubert Lienhard, the CEO and President of Voith GmbH said, 'Under the current conditions it makes business sense to sell the share in KUKA. Disposing of this investment will free up previously tied resources and give us flexibility for investments in organic growth as well as attractive acquisitions. Consequently, the liquidity inflow will be used entirely for the accelerated digital and development transformation of our portfolio.'
In May 2016, Midea Group had said it decided to offer to the shareholders of Kuka AG by way of a voluntary public takeover offer to acquire their no-par value bearer shares in KUKA, each representing a notional amount of 2.60 euros in the registered share capital, against payment of a cash consideration of 115.00 euros per share.
Copyright RTT News/dpa-AFX