China's Midea set to take controlling stake at robotics firm Kuka

Shareholders at Voith and Friedhelm Loh have agreed to sell their stakes in robotics firm Kuka to Midea, giving the electrical appliance manufacturer a controlling stake of 52.8%. This comes after the Chinese company launched a £3.8 billion offer in May 2016.

Midea’s bid was the biggest attempted takeover of a Germany industrial technology company, and led to protests by some Germany politicians worried of a key national firm falling into foreign hands. An investor agreement was unveiled in response detailing plans to keep existing headquarters, factories, and jobs in Germany.

Mr Loh confirmed he sold his 10% stake on Friday, telling Reuters: "After the management and supervisory boards as well as worker representatives came out in support of the offer it made no sense to remain on board as a minority shareholder. I wish Kuka and its workers a constructive collaboration with Midea's management.”

Voith previously sold its 25% stake in Kuka to Midea last week.

Kuka www.kuka-robotics.com