By Joshua Kirby
KUKA AG shares soared Tuesday morning after it said it plans to delist as its majority stakeholder is set to buy out minority shareholders of the German robotics company.
KUKA said Tuesday that Chinese parent Midea Group Co. had requested a squeeze-out of the less-than 5% of shares it doesn't own from minority shareholders, in return for "appropriate" cash payments.
A resolution on the squeeze-out will be held at an annual shareholders' meeting to be held next May, KUKA said.
Following the squeeze-out, KUKA will delist from the stock exchange. The company has decided that a public listing is no longer required, since it had already ceased to obtain capital-market refinancing following the takeover by Midea in 2016, KUKA said.
Shares at 1008 GMT were up 16% at EUR78.40.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby