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MRQ - KUKA Aktiengesellschaft: Midea submits formal request for transfer of the shares of the minority shareholders of KUKA AG (Squeeze-Out)

Company: KUKA AG Date: 2021-11-23 Language: English Register to download

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 News Details

Ad-hoc | 23 November 2021 10:39

#   

KUKA Aktiengesellschaft: Midea submits formal request for transfer of the shares of the minority shareholders of KUKA AG (Squeeze-Out)

KUKA Aktiengesellschaft / Key word(s): Squeeze Out  

KUKA Aktiengesellschaft: Midea submits formal request for transfer of the shares of the minority shareholders of KUKA AG (Squeeze-Out)  

  

23-Nov-2021 / 10:39 CET/CEST  

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.  

The issuer is solely responsible for the content of this announcement.  

  

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**Midea submits formal request for transfer of the shares of the minority shareholders of KUKA AG (Squeeze-Out), confirms the existing Investment Agreement and agrees to a plan for long-term growth with KUKA AG.**  

  

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 (Aktiengesetz – AktG). By letter of today, and pursuant to 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).  

  

In addition, Midea commits to support KUKA in pursuing its joint long-term growth plan and, in particular, that at least until end of 2025, KUKA’s production site as well as its leading R&D center shall remain in Augsburg, with the annual R&D budget being increased by at least 15% by 2025 compared to 2021. In addition, Midea reconfirmed that all terms and conditions of the Investment Agreement dated 28 June 2016, and the Ringfencing Agreement dated 6 October 2016, are respected and honored for the remaining term of the agreements. 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. (2020: EUR 2.6 bn.), and an EBIT of approximately EUR 60 Mio. (2020: EUR – 113 Mio.).  

  

Given that Midea fully supports KUKA’s plan for long-term growth, and based on a comprehensive assessment of Midea’s commitments, the Management Board and the Supervisory Board, have decided that a public listing is no longer required for KUKA, because KUKA already ceased to obtain refinancing through the capital market following the takeover by Midea in 2016. The resolution to transfer the shares of the minority shareholders is to be adopted at the next Annual General Meeting of KUKA. Due to the Squeeze-Out request, the Annual General Meeting shall be scheduled in May 2022.  

  

Augsburg, November 23, 2021  

  

KUKA Aktiengesellschaft  

  

The Management Board  

  

  

Contact:  

Kerstin Heinrich  

phone: +49 821 7975-481  

fax: +49 821 7975-213  

e-mail: kerstin.heinrich@kuka.com

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23-Nov-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.dgap.de  

- - -

|     |     |
| --- | --- |
| Language: | English |
| Company: | KUKA Aktiengesellschaft |
|     | Postfach 43 12 69 |
|     | 86072 Augsburg |
|     | Germany |
| Phone: | +49 (0)821 797 – 0 |
| Fax: | +49 (0)821 7975 – 333 |
| E-mail: | IR@kuka.com |
| Internet: | www.kuka.com |
| ISIN: | DE0006204407 |
| WKN: | 620440 |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Munich |
| EQS News ID: | 1251233 |

  

|     |     |
| --- | --- |
|     |     |
| End of Announcement | DGAP News Service |

![show this](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1251233&application_name=news&site_id=news_data)

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