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Germany’s Kuka bids for Swisslog Holding to form automation giant

Germany’s Kuka bids for Swisslog Holding to form automation giant

BERLIN (StartName) – German industrial robots maker Kuka <KU2G.DE> plans to buy Swiss logistics company Swisslog Holding <SLOG.S> for about 339 million Swiss francs ($358 million).

Kuka, whose customers include major carmakers such as Volkswagen <VOWG_p.DE> and Daimler <DAIGn.DE>, said late on Thursday it was offering 1.35 Swiss francs per share, amounting to a purchase price of about 339 million francs.

Kuka said it planned to finance the takeover partly by issuing up to 1.8 million new shares with a nominal amount of 2.60 euros per share. Swisslog’s supervisory board has already recommended shareholders accept the offer, Kuka said.

The takeover prospectus will probably be published on Oct. 6 with a four-week tender period likely to be set between Oct. 21 and Nov. 17, the company said.

(Reporting by Andreas Cremer; editing by David Clarke)

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