Robotic Retort as Midea Pursues Germany's Kuka

(Beijing) – Chinese appliance giant Midea Group Co. Ltd. CEO Fang Hongbo is convinced his company will eventually win a controversial bid to become German robot maker Kuka AG's largest stakeholder.

Negotiations between Midea management and Kuka shareholders began May 18 and were continuing in early June. Analysts in China said the appliance maker hopes to increase its holding of Kuka's shares to at least 30 percent from 13.5 percent it already owns. The expected all-cash deal put Kuka's market capitalization at as much as 4.5 billion euros.