chinese firm midea gets over 50% of germany’s kuka - chinese appliance manufacturers

Shanghai (AFP)-
The company said on Thursday that the Chinese home appliance giant Midea has gained majority control of the German industrial robot supplier Kuka,billion-
A controversial euro offer in Europe. Midea --
Known for selling washing machines and air conditioners-
€ 115 (then $130)
June earnings per share from Kuka, one of the world's leading manufacturers of industrial robots.
The valuation of the card is 4.
6 billion euros, nearly 60% higher than the closing price of Kuka, after the United States announced that it will increase its stake in the German company in February.
The proposal had been accepted by 43 holders as of Wednesday.
The Chinese company said in a statement on the Shenzhen Stock Exchange that Kuka holds a 74% stake in Kuka.
Plus the shares it already owns, it says it has "about 57 shares.
25% of the issued share capital and the existing voting rights of KUKA ".
As domestic growth slows, the Chinese government has pushed Chinese companies to "go out" and invest in foreign targets to improve their technical capabilities and seek new markets.
But the deal raised concerns in Europe over the transfer of high-tech technologies.
European media reported that officials in Brussels and Berlin opposed the Chinese takeover of the company ---
Berlin denied the charge.
The powerful IG Metall union also seeks to find different buyers for the Kuka stock, pushing 25 shares.
1% of the shares held by technology company fuyt will remain in the hands of Germany-
But none of the competing buyers came forward.
Fuyt sells Midea shares for 1 pound.
2 billion euros last week.
The United States closed 0 on Thursday.
25% to 24
Shenzhen 44 yuan before the announcement.