Ad hoc - KUKA and Midea

June 13, 2022

Midea Group Co., Ltd. holds, indirectly through its subsidiaries Guangdong Midea Electric Co., Ltd., Midea Electric Netherlands (I) B.V., and Midea Electric Netherlands (II) B.V., more than 95 percent of the shares in KUKA Aktiengesellschaft ("KUKA"). Guangdong Midea Electric Co., Ltd. ("Midea") is therefore the controlling shareholder within the meaning of section 327a para. 1 sentence 1 German Stock Corporation Act, Midea formally requested KUKA's general meeting to pass a resolution to transfer the shares of all remaining shareholders (minority shareholders) to Guangdong Midea Electric Co., Ltd. against payment of an appropriate cash compensation (so-called Squeeze-Out). The joint growth plan is also based on KUKA's expectations (based on preliminary results) for KUKA Group for the fiscal year 2021 of a turnover of approximately EUR 3.1 bn. The resolution to transfer the shares of the minority shareholders is to be adopted at the next Annual General Meeting of KUKA.

The source of this news is from Kuka

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