Mecca International (BVI) Limited made an offer to acquire remaining 86.5% stake in KUKA Aktiengesellschaft (DB:KU2) for €4 billion on May 18, 2016. Mecca International will offer €115 in cash per KUKA share. Mecca assured to retain the 12,600 jobs with Kuka up to the year 2023. The parties entered into an agreement on June 16, 2016. On July 1, 2016, Friedhelm Loh sold his 10% stake in KUKA. As of July 4, 2016, Voith sold its 10.1% stake in KUKA Aktiengesellschaft (DB:KU2) for €1.2 billion. Kuka shareholders representing about 62.88 % of Kuka's share capital had accepted offer as of July 14, 2016. As on July 20, 2016 Mecca International (BVI) Limited completed the acquisition of 72.2% stake in KUKA Aktiengesellschaft (DB:KU2). Upon closing Mecca International (BVI) Limited holds 85.7% stake in KUKA Aktiengesellschaft (DB:KU2). The financing of the transaction will be achieved by a credit facility. As of May 18, 2016, commercial agreement with financing bank has been reached. Midea intends to maintain KUKA's independence as a publicly listed company. The transaction includes no squeeze-out, delisting or domination agreement. Management Board shall be fully independent. All employee agreements will be honored and workforce to be preserved. Headquarter to remain in Augsburg. Mecca International (BVI) Limited will make no changed to site and jobs at Kuka until the end of 2023 and it will let the company keep its independence. The completion of the takeover offer will be subject to certain conditions, including in particular, achieving a minimum acceptance threshold of 30% of the issued shares of KUKA, including the shares already owned by Midea, necessary antitrust and other regulatory clearances and approval of the transaction by the shareholders' general meeting of Midea, parent of Mecca International (BVI) Limited. On June 3, 2016, the German government denied its intervention in the deal. As of June 15, 2016, European Union opposed the proposed acquisition. As of June 16, 2016, Mecca International received approved from German regulator. Also Mecca International has received cash confirmation letter from ICBC Europe for money needed by the tender offer. Mecca International launched commenced offer to Kuka. Kuka's supervisory Board and executive management committee arrived at a consensus proposing shareholders to accept the offer on June 28, 2016. As of December 30, 2016, the United States authorities allowed the acquisition. As of January 3, 2017, all the regulatory approvals are received. As of June 30, 2016, the offer has been accepted by 17.4 million shares, equivalent of 43.8% stake, As of July 1, 2016, Voith shareholders unanimously approved the transaction. The deal condition of exceeding the 30% threshold is already fulfilled. The takeover offer will expire on July 15, 2016. The official offer period expired on July 15, 2016. Given the high acceptance rate, Midea will probably extend the acceptance period until August 3, 2016. As of August 11, 2016, deal was approved by China's Ministry of Commerce. Deal is still subject to approval from antitrust reviews by the EU, Germany, the US, Russia, Brazil and Mexico and Germany's Federal Ministry for Economic Affairs and Energy, the CFIUS and DDTC. As of August 17, 2016, the transaction was approved by Federal Ministry for Economic Affairs. As of August 29, 2016, the transaction has been approved by the United States Authorities. On August 3, 2016, 81.04% shares of KUKA Aktiengesellschaft have been tendered. Midea will complete the purchase in March 31, 2017 after the examinations by the national anti-trust authorities. As of August 27, 2016, Midea met delivery conditions of the US anti-trust reviews about takeover of Kuka. Midea has passed Russia's anti-trust reviews on takeover of Kuka on September 6, 2016. As of September 20, 2016, the deal was approved by Brazil anti-monopoly authorities. On October 13, 2016, the transaction was approved by the European Commission. The transaction is expected to complete in first half of January, 2017. Morgan Stanley acted as financial advisor while Richard Perks, Rick van Aerssen, Alan Wang, Ulrich Korth, Thilo Diehl, Maximilian Platzer, Florian Sippel, Jeremy Barr, Fang Bao, Michael Levitt, Daniel French, Kate Hatcher, Erica Wong, Uta Itzen, Tom Ensign, Timo Angerbauer, Tobias Pukropski, Christine Laciak, Matthias Schleifenbaum and Arend von Riegen of Freshfields Bruckhaus Deringer acted as legal advisor to Midea. Andreas Dietzel, Christian Vogel, Jochen Buckel, Amy Ho, Shan Huang, George Kleinfeld and Marc Besen of Clifford Chance in Germany acted as legal advisors and Deutsche Bank AG (DB:DBK) acted as financial advisor for KUKA. Laure Bonin, Romain Guirault, Eric Fiszelson, Gwenaël Pain-Blavec, Ariane Schembri, Markus Lauer, Julius Brandt, Kai Liebrich, Adrian Juhnke, Alex Aitken, and Catherine Hau of Herbert Smith Freehills Paris acted as legal advisors for ICBC Paris on the financing of the transaction. Harney’s Corporate Services Limited acted as legal advisor to Mecca. Wolfgang Feuring and Carsten Berrar of Sullivan & Cromwell LLP acted as legal advisors for J.M. Voith GmbH & Co. Beteiligungen KG. Commerzbank AG acted as financial advisor to KUKA Aktiengesellschaft. Mecca International (BVI) Limited completed the acquisition of an additional 81.05% stake in KUKA Aktiengesellschaft (DB:KU2) from SWOCTEM GmbH, J.M. Voith GmbH & Co. Beteiligungen KG and others on January 9, 2017. An amount of €1.2 billion were generated from the sale by Voith. Voith will use the proceeds to accelerate its digital agenda.