China's Midea shares hit record high after firm raises stake in Germany's Kuka

Shares in China's Midea Group Co Ltd hit a record high on Friday afternoon after the home appliance maker said it was increasing its stake in German robotics maker Kuka , as part of a 4.5 billion euro ($5 billion) takeover. At 0632 GMT, Midea shares were up 6.5 percent at 28.80 yuan. Together with a 13.51 percent stake already owned by Midea, the Chinese firm said on Thursday it would hold a total of 70.29 percent of Kuka.