Chinese electronics manufacturer Midea has offered €115 cash per share for German industrial robotics manufacturer Kuka, valuing the company at €4.57bn.

The offer through Midea affiliate MECCA International for all shares in Kuka comes as a 59.6 premium over the German firm’s closing price on February 3, and is in line with Midea’s previously stated intention to increase its stake from 13.5 per cent, according to a release by the appliance manufacturer.

On Tuesday, Kuka’s stock closed 12.8 per cent higher to €96.99.

Midea said it would allow Kuka to maintain its independence as a publicly listed firm in Germany, emphasizing it had no intention to try and push through with a takeover even if its offer was rejected.

Paul Fang, Chairman and CEO of Midea, said:

We believe that a larger shareholding strikes the right balance between an independent KUKA while also putting both companies in a positon to drive further growth through collaboration, especially in China.

In March, Midea agreed to pay Toshiba Y53.7bn ($490m) for an 80.1 per cent stake in its home appliance business as the latter attempts to turn its fortunes around from an accounting scandal.

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