Reuters: Chinese purchase of Kuka shows we must protect European firms
foto: A robot arm of German industrial robot maker Kuka is pictured at the company's stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay
German conservative Manfred Weber said on Monday that the 2016 purchase of German robotics maker Kuka by China's Midea showed that it was necessary to protect European firms, writes Reuters.
Weber is leader of the European People's Party in the European Parliament. His comments come after Germany agreed new rules in December to lower the threshold for screening and even block purchases of stakes in German firms by non-Europeans, in a move to fend off unwanted takeovers by Chinese investors in strategic areas.
(Reporting by Joern Poltz; Writing by Michelle Martin; Editing by Riham Alkousaa)