ZURICH: Power and automation company ABB Ltd has dismissed reports it could buy German robot maker Kuka, the Swiss company's chief executive, Ulrich Spiesshofer, wrote in a memo to staff.
"Recent media reports that we will bid for our German competitor Kuka are pure speculation," Spiesshofer said in the document seen by Reuters on Friday. He said ABB's robotic business had been built without acquisitions.
"We already have this critical mass and are well positioned to keep growing profitably under our own steam," he added.
China's Midea launched a 4.5 billion-euro ($5.01 billion) offer this month for Kuka, the biggest German industrial technology company to be targeted by a Chinese buyer in a wave of deals.
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