Chinese companies are increasingly looking at expanding their presence globally. One such example is the bid by Mecca International (BVI) Limited, a wholly-owned subsidiary of the Midea, which is a leading manufacturer of consumer appliances and Heating, Ventilation and Air-Conditioning (HVAC) systems
The Chinese company announced today its intention to launch a voluntary takeover offer for all shares in Kuka AG, a leading global supplier of intelligent automation solutions, at 115 euros per share. The decision confirms Midea's previously stated intention to increase its shareholding in KUKA. Currently, Midea indirectly owns 13.5 percent of Kuka's shares. With a successful bid, the shareholding will increase to more than 30 percent. The total investment for the bid reportedly stands at 4.5 billion Euros.