China Global M&A Push, 2005 ~ Nowadays

[JSCh]

Friday, December 23, 2016, 10:33
Chinese firm buys 51% stake in Shell Refining in Malaysia
By Xinhua

KUALA LUMPUR - A refiner based in east China's Shandong Province announced on Thursday that it has completed the acquisition of a 51 percent stake in Shell Refining Company (SRC) in Malaysia, one of a few such acquisitions done by petroleum companies outside the three major state-owned enterprises including Sinopec and PetroChina.

The refiner, Shangdong Hengyuan Petrochemical Company Limited, had agreed to buy the controlling stake for 66.3 million U.S. dollars and will continue to provide petroleum products to Shell's downstream businesses in Malaysia.

The acquisition was conducted through Shandong Hengyuan's subsidiary in Malaysia, Malaysia Hengyuan International Limited.

When attending a completion ceremony in Kuala Lumpur, Wang Youde, chairman of Shandong Hengyuan, said the acquisition will provide for the first time for his company to have an overseas sales platform and is a transformation from refining to tap into the capital market as SRC is a company listed in Malaysia's main stock exchange Bursa Malaysia.

SRC, the refinery at Port Dickson, has a capacity of 156,000 barrels-per-day (bpd) with 90 percent of its oil products consumed within Malaysia. According to Wang's estimate, the acquisition will add some another six million tonnes of crude oil to its current 3.5 million tonnes at its disposal.

The completion of the deal means that a mandatory general offer has been triggered. The company has said it intends to buy the remaining 49 percent stake.

 

[ahojunk]

Chinese companies surpass U.S. as largest buyer of cross-boarder M&As
2016-12-18 11:18 | chinadaily.com.cn | Editor: Mo Hong'e

With the rapid growth of cross-border mergers and acquisitions, Chinese companies and funds are making a deep impact on the global industrial structure, bankers, academics and investment experts said at a forum on M&A in Beijing on Friday.

During the first three quarters of 2016, the volume of China's cross-border M&As totaled $173.9 billion, an increase of 68 percent from the previous year. For the first time, China overtook the United States as the largest buyer of cross-border M&As worldwide, according to the US-based financial data provider Dealogic.

"The ongoing supply-side reform has provided important policy guidance for economic transition and industrial restructuring in China. Given the above situation, traditional sectors have obvious demands for industrial mergers, integration and upgrading. Emerging industries are also in demand for large-scale integration. All these factors will become a core driver for the sound development of the M&A market," said Hong Qi, chairman of China Minsheng Banking Corp Ltd.

The bank initiated the founding of China Mergers & Acquisitions Alliance aiming to provide comprehensive services to satisfy Chinese companies' M&A demands. Since its establishment in August 2013, the alliance has attracted 33 members including banks, brokerages, law firms and accounting firms that are active in the M&A market. Benefiting from the multi-functional alliance, China Minsheng Bank can provide services ranging from consulting, syndicated loans to buyout funds that offer companies diversified financing solutions.

Nowadays, the globalization of Chinese companies has become an inevitable trend, said Huo Jianguo, vice-chairman of the China Society for World Trade Organization Studies.

The Belt and Road Initiative, a developmental strategy promoting connectivity and cooperation among more than 60 countries and regions, will continue to attract a large volume of overseas investments in the development of infrastructure, industrial parks, as well as economic and technical cooperation zones.

"Apart from the majority of Chinese companies that are seeking technologies, market or talent through cross-border mergers and acquisitions, some are making short-term opportunistic investments that may bring greater risks... Those companies should build the right investment philosophy and abandon short-term behaviors," Huo said.


********

China Mergers & Acquisitions Alliance founded to support M&A activities. Great, you don't want to buy lemons.
When you have the money, you can buy lots of things.
When you are deep in debt you have to sell, it may include your trousers too, LOL.
.

 

[TaiShang]

For the first time, China overtook the United States as the largest buyer of cross-border M&As worldwide, according to the US-based financial data provider Dealogic.

Capital flight?

@Shotgunner51

 

[Shotgunner51]

China Natural Resources Announces Acquisition Of Copper Smelter In Bolivia
PR Newswire December 24, 2016

HONG KONG, Dec. 23, 2016 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today announced that it had completed the acquisition of Planta Metalurgica Antay Pacha S.A. ("Antay Pacha"), a Bolivian corporation from a related party. Antay Pacha proposes to operate a copper smelting plant in western Bolivia. The plant is substantially constructed, and Antay Pacha is completing the licensing and permitting processes. It is anticipated that a trial run will commence in the second quarter of 2017 and that commercial production will commence in the fourth quarter of 2017. Once fully operational, the plant has a designed annual production capacity of 3,000 tons of copper cathodes.

The US$1,541,129 purchase price includes US$1,441,129 of debt that is payable upon demand. Additional details are disclosed in the Current Report on Form 6-K filed with the Securities and Exchange Commission on December 23, 2016.

Wong Wah On Edward, CHNR's Chief Executive Officer, commented: "We are excited about the prospects of adding a copper smelter to our mining operations in the PRC and believe that Bolivia, a country abundant in various natural resources, offers us the opportunity to diversify our operation. We will continue to explore new businesses opportunities to contribute to revenues and enhance shareholder values."

About China Natural Resources

China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China and Bolivia, is currently (a) engaged in the acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sale of iron, zinc and other nonferrous metals, extracted or produced at mines primarily located in Anhui Province in the PRC and (b) completing its plant and related activities preparatory to commencing the smelting of copper ore and production of copper cathodes at its plant located in western Bolivia.

Read the full story at http://finance.yahoo.com/news/china-natural-resources-announces-acquisition-174200269.html

 

[Shotgunner51]

Tencent, NavInfo, and GIC have bought a 10 percent stake in mapping firm HERE
Maria Sheahan, Reuters

HERE's Real Time Traffic service

FRANKFURT, Dec 27 (Reuters) - Chinese mapping company NavInfo, internet services group Tencent and Singapore sovereign wealth fund GIC are jointly buying a 10 percent stake in digital maps company HERE from German carmakers BMW, Daimler and Volkswagen, HERE said on Tuesday.

HERE would form a joint venture with NavInfo to extend its offering to China using NavInfo's data and services, it said in a statement. Tencent will meanwhile use HERE's mapping and location platform services in its own products and services, both in China and internationally.

HERE did not say how much the investors were paying for the 10 percent stake.

Daimler's Mercedes-Benz, Volkswagen's Audi division and BMW bought HERE for 2.55 billion euros ($2.6 billion) from Nokia last year to create an alternative digital mapping business to Google.

Intelligent mapping systems supply information to control self-driving cars, which are equipped with street-scanning sensors to measure traffic and road conditions. This location data can in turn be shared with other map users.

http://www.businessinsider.com/r-navinfo-tencent-gic-buy-10-pct-stake-in-mapping-firm-here-2016-12

 

[ahojunk]

DEC 23, 2016 @ 10:25 AM
Italian High Jeweler Buccellati Acquired By Chinese Conglomerate
Anthony DeMarco ,
CONTRIBUTOR | I'm on the luxury jewelry beat.
Opinions expressed by Forbes Contributors are their own.

Italian high jewelry house, Buccellati, will now be majority owned by a privately held Chinese conglomerate and plans to expand into Asian markets.

Clessidra, an Italian private equity firm, and the Buccellati family said Friday that it sold an 85 percent share in the company to Gangtai Group. Clessidra and the Buccellati family will retain a 15 percent stake in Buccellati. The enterprise value of the company is reportedly $282 million. A source close to the deal would not confirm or deny the figure. Company revenues in 2015 were approximately $42.8 million, according to the source.

Buccellati, founded in Milan in 1919, is one of the most prestigious jewelers in Italy, known for creating pieces using time-honored hand-crafted techniques. The company has an international presence especially in Europe and the United States with branded stores and distribution agreements.

The creative team, Andrea Buccellati and his daughter, Lucrezia

Buccellati was 100 percent family owned until 2013 when Clessidra acquired a 67 percent stake, with the remaining 33 percent retained by the founding family. A year later the company announced a rebranding effort aimed at attracting younger customers, naming Lucrezia Buccellati, 25-years-old at the time, as its first woman designer and the youngest person to hold that title. Her father, Andrea Buccellati, became president and creative director, later adding the title of chairman. In 2015, the company opened a five-story flagship store on Madison Avenue in New York as well as stores in Paris and Palm Beach.

Clessidra, in a statement, noted that since 2013, the family made significant investments to expand its distribution network, support the product offering and strengthen the management structure; adding that it's ready to expand into Asian markets.

“We are particularly satisfied with the agreement reached with Gangtai Group,” Marco Carotenuto, managing director of Clessidra, said in a joint statement. “We have strongly supported Buccellati in the last three years achieving a 60 percent growth in revenues since acquisition. We believe that the company is now ready for a new growth cycle that Gangtai Group will support, considering also its experience in the jewelry market and its strong presence in China.”

Gangtai Group specializes in the consumer, culture, finance and health industries. Its subsidiary, Gangsu Gangtai Holding (Group) Co. Ltd, is one of largest gold jewelry distributers and a leading internet jewelry retailer in China, and is focused on growing its presence in international luxury, according to the joint statement.

Andrea Buccellati will retain his role as creative director and honorary chairman of Buccellati. Gianluca Brozzetti will retain his role as CEO of Buccellati. Other members of the Buccellati family will also retain their involvement in the business, according to the statement.

Buccellati Storm on the coast of Belle-Île earrings, made of white gold, diamonds and paraiba tourmaline

“Our family founded this company almost 100 years ago and will continue to be fully involved to support its development, the creative mastery and production craftsmanship that enabled the establishment of a unique and recognizable style in jewelry and silverware,” Andrea Buccellati said. "We welcome the commitment of Gangtai Group to invest significant resources to further develop the Buccellati brand and platform.”

Closing of the transaction is expected by the second quarter of 2017 and is subject to Chinese government approval.

The deal team at Clessidra included Manuel Catalano, managing director, Marco Carotenuto, managing director, and Giulio Torregrossa, investment director. The sellers were advised by Mediobanca, Unicredit and Partners CPA as financial advisors and by law firms Gattai Minoli Agostinelli & Partners and Pedersoli e Associati for the legal aspects. The purchaser was advised by law firm Simmons & Simmons for the legal aspects.

 

[JSCh]

Chinese Consortium to buy 40% of Pakistan Stock Exchange
(CRI Online) 08:31, December 28, 2016

A Chinese-led Consortium has signed an 85-million-US-dollar deal to purchase a 40-percent stake in the Pakistan Stock Exchange.

The group includes three Chinese exchanges and two Pakistani financial institutions.

Both the Shanghai Stock Exchange and the Shenzhen Stock Exchange are involved in the deal.

The three Chinese exchanges will hold a combined 30-percent stake, while their Pakistani partners will own 10 percent.

The Pakistan Stock Exchange has been one of the best-performing markets in Asia in 2016, with its benchmark KSE 100-stock index gaining more than 40 percent this year.

Pakistan has seen major Chinese investment in recent months under the China-Pakistan Economic Corridor, a multi-billion-dollar infrastructure program.

 

[Shotgunner51]

Capital flight?

@Shotgunner51

Yeah learn some so-called "MSM" presstitude jargon, when others do it it's called “outbound investment", "global investment footprint", "multinational asset", ... when China does the same it's simply called "capital flight"

 

[Shotgunner51]

Chinese companies surpass U.S. as largest buyer of cross-boarder M&As
2016-12-18 11:18 | chinadaily.com.cn | Editor: Mo Hong'e

With the rapid growth of cross-border mergers and acquisitions, Chinese companies and funds are making a deep impact on the global industrial structure, bankers, academics and investment experts said at a forum on M&A in Beijing on Friday.

During the first three quarters of 2016, the volume of China's cross-border M&As totaled $173.9 billion, an increase of 68 percent from the previous year. For the first time, China overtook the United States as the largest buyer of cross-border M&As worldwide, according to the US-based financial data provider Dealogic.

"The ongoing supply-side reform has provided important policy guidance for economic transition and industrial restructuring in China. Given the above situation, traditional sectors have obvious demands for industrial mergers, integration and upgrading. Emerging industries are also in demand for large-scale integration. All these factors will become a core driver for the sound development of the M&A market," said Hong Qi, chairman of China Minsheng Banking Corp Ltd.

The bank initiated the founding of China Mergers & Acquisitions Alliance aiming to provide comprehensive services to satisfy Chinese companies' M&A demands. Since its establishment in August 2013, the alliance has attracted 33 members including banks, brokerages, law firms and accounting firms that are active in the M&A market. Benefiting from the multi-functional alliance, China Minsheng Bank can provide services ranging from consulting, syndicated loans to buyout funds that offer companies diversified financing solutions.

Nowadays, the globalization of Chinese companies has become an inevitable trend, said Huo Jianguo, vice-chairman of the China Society for World Trade Organization Studies.

The Belt and Road Initiative, a developmental strategy promoting connectivity and cooperation among more than 60 countries and regions, will continue to attract a large volume of overseas investments in the development of infrastructure, industrial parks, as well as economic and technical cooperation zones.

"Apart from the majority of Chinese companies that are seeking technologies, market or talent through cross-border mergers and acquisitions, some are making short-term opportunistic investments that may bring greater risks... Those companies should build the right investment philosophy and abandon short-term behaviors," Huo said.


********

China Mergers & Acquisitions Alliance founded to support M&A activities. Great, you don't want to buy lemons.
When you have the money, you can buy lots of things.
When you are deep in debt you have to sell, it may include your trousers too, LOL.
.

M&A is one form of outbound FDI (or say ODI), the other form is greenfield. I will write about total 2016 ODI later when data are available.

Just read the IIP statement from PBoC, China still has huge stock of inbound FDI ($2.9082 trillion as of June 2016; booked under external liabilities) and is still further increasing. While stock of ODI ($1.2515 trillion; booked under external assets) is still small despite fast increasing. Such a huge gap between FDI stocks is core reason for China to suffer investment deficit (in current account) when China parks excessive of external assets in low yield forex reserves.

http://www.safe.gov.cn/wps/portal/!...j_tcb2_store/8281da80481829bb9221d284909d05cd​

China is a net creditor nation i.e. more external assets than liabilities. But look closer, China's ODI is only 19.8% of total assets, while FDI is as high as 63% of total liabilities! And China's reserve is equivalent to 52.3% of total external assets.

Some illiterate people may say Japan also has huge reserve assets, as China and Japan are the top two creditor nations, so it's normal for China. But is that reality? Let's go to the numbers:

http://www.mof.go.jp/international_policy/reference/iip/201609a.pdf
https://defence.pk/threads/whos-worlds-4th-largest-creditor-nation.455610/
Japan's reserve assets (Yen 129,948 billion) is only 14.1% of total external assets (Yen 921,781 billion).​

Given so different geo-strategic policies, even Japan only parks 14.1% of their external assets in reserves, but China parks 52.3%, is that normal for a nation with huge BoP surpluses? Now people see the urgency for China to switch reserve assets into ODI (and other forms of non-reserve assets), right?

 

[ahojunk]

First outbound acquisition by teapot refiner 'a win-win'
By Zheng Xin and Zhao Ruixue | China Daily | Updated: 2016-12-28 07:42

A Chinese company's acquisition of a controlling stake in Shell Refining Co in Malaysia is a win-win for both the teapot refiner and Shell, an analyst said.

Shandong Hengyuan Petrochemical Group Co has agreed to invest $66 million for the acquisition of Shell Refining in Malaysia and will continue to provide petroleum products to Shell's downstream businesses in the Southeast Asian country.

This is China's first outbound acquisition by teapot refiners, an industry term which refers to small refiners with a capacity ranging from 20,000 barrels per day to 100,000 bpd.

"One man's trash is another man's treasure and Shell and Hengyuan play complementary roles for each other," said Li Li, energy research director at ICIS China.

Shell Refining's Port Dickson has a capacity of 156,000 bpd, twice that of Hengyuan, but it is running at a heavy loss while confronted with a substantial investment needed for a future quality upgrade.

Shell Malaysia was established in 1960 and suffered losses mostly due to the global crude price plunges, the analyst said.

On the other hand, the purchase could well enable the Shandong-based refiner－which has been able to run a refinery at a lower cost－to deal with its overcapacity while making its first move with an overseas acquisition, accelerating its global moves to cash in on business opportunities arising from low crude prices, she said.

China's private refiners need to be more internationalized if they want to grow stronger, the analyst added.

Wang Youde, chairman of Hengyuan, said: "Many Chinese private refiners are eager to gain overseas resources, but they are not confident due to limited resources at home and abroad and difficulty in getting financing from banks."

"However, compared with the State-owned enterprises, we are more flexible in our market and efficient in decision-making."

According to Wang, the acquisition enables Hengyuan to have an overseas sales platform as Shell Refining sees 90 percent of its oil products consumed within Malaysia.

"For Malaysia, which sees supply of refined oil products falling short of demand, Hengyuan could import its petroleum products in the future once it got the refined oil export qualifications," he said.

.

 

[Shotgunner51]

Asia FinTech FOF launched in Beijing, to foster mergers and acquisitions
Wednesday, December 28, 2016 5:20 AM UTC

Financial Street, Beijing​

In a move to advance China as a financial and technology hub, Asia FinTech FOF, a foundation that aims to seek investment opportunities and fuel mergers and acquisitions (M&A) in Asia, was established in Beijing on Tuesday, China Daily reported.

With funds of 10 billion yuan ($1.44 billion), the foundation is the second fund of funds (FOF) after the Zhongguancun FOF, which is valued at 30 billion yuan. The Zhongguancun FOF was established in 2015 and expected to support acquisitions worth 150 to 200 billion yuan.

The Asia FinTech FOF was initiated by both private and State-owned capital. This includes Hong Kong-listed Credit China Fin Tech Holdings Ltd, Shanghai Xinhua Distribution Group Ltd and Jilin Province Investment Group Corp Ltd.

"Our investment will center on leading companies in the fields of big data, AI, cloud computing, mobile payment, supply chain financing and block chain," said Sheng Jia, the executive director of Credit China Fin Tech, as quoted by China Daily.
​

Without revealing any names, Xie Sha, managing partner of Asia Fintech FOF, said that the fund already has some projects in the pipeline, which includes areas such as big-data driven consumption financing, blockchain infrastructure provision and AI-based credit service platforms.

While fintech has taken the global financial sector by storm, the Asian fintech market is spearheading this revolution. In the first half of 2016, the Asian fintech market saw $10 billion of investment far more than North America's $4.6 billion and Europe's $1.8 billion.

China, in particular, is in the forefront with policy support also stimulating the growth of country’s fintech market. The State Council in August published the national five-year plan on scientific and technological innovation by 2020, in which of fintech innovation is particularly encouraged.

"Fintech is reshaping the financial business. And this is an opportunity that neither traditional financial institutes nor technology firms want to miss," said Xie.
​

http://www.econotimes.com/Asia-FinT...ing-to-foster-mergers-and-acquisitions-466712

 

[ahojunk]

Chinese tourism tycoon buys Qld child care centres for $85 million

GLEN NORRIS, The Courier-Mail
December 12, 2016 9:34pm

THE Chinese billionaire owner of the Sheraton Mirage Port Douglas has sealed a $85 million deal to acquire a Queensland-based chain of child care centres.

Full Share Group, controlled by Nanjing-based tycoon Ji Changqun, said yesterday that it was purchasing Sparrow Early Learning, the operator of 24 centres across Queensland and Victoria.

The investment underscores growing Chinese investment beyond the property and tourism sectors, with fast-growing industries such as child care becoming attractive targets. According to Forbes, Mr Ji has a net worth of $US2.1 billion.

In addition to the Sheraton Mirage, Fullshare also owns 2800ha of land at Laguna Whitsundays, including the airport. The group’s Hong Kong-listed arm has investments spanning traditional Chinese medicine, medical equipment manufacturing and elderly care.

Sparrow chief executive John Bairstow said there were plans to make the two-year-old company one of the country’s biggest child care operators with new centres to be opened across Victoria, Queensland and New South Wales over the next couple of years.

Mr Bairstow is a former executive at ASX-listed Affinity Education Group, the operator of 163 child care centres across Australia.

He said the child care sector was currently consolidating as small operators were replaced by larger companies better able to deal with increasing regulation.

Ibisworld research shows the $12.4 billion child care industry is expected to grow at an annualised rate of 5.8 per cent over the next five years helped by higher fees, continued government support and increased participation by mothers in the workforce.

The sector currently has two major players, Goodstart Early Learning, the industry’s largest not-for-profit operator, and G8 Education, the largest for profit company. Combined Goodstart and G8 have more than 1000 centres across Australia.

Fullshare associated head of investment and finance Jonathan Broughton said there could eventually be opportunities to expand the Sparrow brand overseas, particularly in Asia.

“With the end of the one child policy in China there will be increasing demand for child care services,” he said. “Given Fullshare’s significant resources in China, we look forward to working with Sparrow management as it exploress other markets for expansion.”

Sparrow founder Simon Morris, who will retain a 10 per cent stake in the business, said he would remain with the company to help with its expansion plans. “We are only a young company but we have a growth pipeline of new centres planned,” he said.

Mr Morris, who is a director of Brisbane-based Superior Property Group, is also one of Australia’s largest childcare centre brokers.

 

[Shotgunner51]

Chinese tourism tycoon buys Qld child care centres for $85 million

GLEN NORRIS, The Courier-Mail
December 12, 2016 9:34pm

THE Chinese billionaire owner of the Sheraton Mirage Port Douglas has sealed a $85 million deal to acquire a Queensland-based chain of child care centres.

Full Share Group, controlled by Nanjing-based tycoon Ji Changqun, said yesterday that it was purchasing Sparrow Early Learning, the operator of 24 centres across Queensland and Victoria.

Yes, Ji Changqun (季昌群) is a billionaire from Nanjing. He loves M&A, have done like 28 deals in past three years, including Sheraton Mirage Australia which he just bought in January this year.

 

[Shotgunner51]

China fund completes deal for Czech solar plants
by Recharge Staff 29 December 2016

Prague​

China-CEE Fund, established by China Exim Bank, has acquired three solar power plants in the Czech Republic with a combined capacity of around 6MW.

As part of a share deal China-CEE Fund acquired three Czech subsidiaries of ContourGlobal, the US-headquartered generation firm that will now exit the Czech market.

The move marks the second renewable energy acquisition by China-CEE Fund in the Czech Republic this year following a solar asset deal completed in January.

Energy 21 is the second-largest operator of PV plants in the Czech Republic with 61MW in operation and was acquired from private equity group Mid Europa Partners, which reportedly decided to exit the Czech sector following “repeated interventions” in the market by the Prague government since 2010.

With committed funds of US$435m, the China-CEE Fund brings China Exim Bank together with institutional investors in an investment vehicle to capitalise on opportunities in Central and Eastern Europe. China-CEE Fund also acquired several wind farms in Poland in 2014 and 2015.

Dentons advised CEE on the transaction and Jan Procházka, co-head of the law firm’s corporate group in Prague and Bratislava, commented: “As this transaction demonstrates, we are seeing increased interest from Chinese investors in the Czech Republic.”

http://www.rechargenews.com/solar/1202467/china-fund-completes-deal-for-czech-solar-plants



CHINA-CENTRAL AND EASTERN EUROPE INVESTMENT COOPERATION FUND

The proposal of establishing China-Central and Eastern Europe Investment Cooperation Fund (the Fund) was first announced by former Chinese premier Wen Jiabao in April 2012, who represented the State Council of China, appointed the Export-Import Bank of China as the Fund organizer. Chinese premier Li Keqiang announced the inauguration of the Fund in November 2013 during the second Summit of China and Central and Eastern European Countries (China-CEEC Summit).

The Fund, incorporated in Luxemburg in the form of limited partnership with a total commitment of USD 435 million, is sponsored by The Export-Import Bank of China and Hungarian Export-Import Bank along with an investment advisor team appointed by the Fund.

The Fund’s vision is to become an outstanding private equity fund in Central and Eastern Europe, and contribute to the sustainable development of the economies in this region.

On November 5th, 2016, during the Fifth China-CEEC Summit, Riga Guidelines announced and clearly states that the second phase of the Fund totaled USD 1 billion will be established and become operational in 2017.

China-CEE Management S.à r.l. is registered in Luxembourg in November 2013 and set up an office in Warsaw in 2016. The Company act in its capacity as General Partner, to render advisory, management, accounting and administrative services to China-Central and Eastern Europe Investment Cooperation Fund.

http://china-ceefund.com/index.html

 

[TaiShang]

Midea completes takeover bid for German robot maker
Xinhua, December 31, 2016

Chinese home appliance maker Midea Group announced Friday it has secured approval for its bid to take over German robotics firm Kuka and will complete the deal in early January.

A statement from Midea, best known for washing machines and air conditioners, said the bid will promote the robot and automation technology in China and worldwide.

Midea attaches great importance to Kuka's advantages in products and services, said Fang Hongbo, chairman of Midea, adding that Midea will help Kuka in markets in China and other regions and expand investments.

Midea announced the bid on June 16, offering to pay 115 euros (around 120 U.S. dollars) per share. It will take 94.55 percent of Kuka after the bid is settled.

In August, Germany's economy ministry gave the green light to the takeover. It then passed through anti-monopoly investigations from the European Union, and countries including Russia and China.

The last barrier was cleared Friday after the bid received approval from the U.S. Committee on Foreign Investment and Directorate of Defense Trade Controls.

One of the world's top four robot makers, Kuka, founded in 1898 and based in Augsburg, has a workforce of 12,000 and its 2015 revenue was nearly 3 billion euros.