After weeks of hectic negotiations, Chinese company Midea Group is on the verge of acquiring German robotic company Kuka AG, people familiar with the matter said on Tuesday.            

Close sources claimed that Midea Group has agreed to several important conditions laid out by Kuka management. This includes maintaining the company's headquarters at Augsburg and assuring job protection for nearly 4,000 Kuka employees. The Chinese company has also assured Kuka of greater say in management issues and listing in Frankfurt stock exchange.     

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"Now the details just need to be finalized so that the agreement can be signed in the coming days," the source said.

Reports indicate that Midea Group has offered 33.3 billion yuan ($5.1 billion) for a more than 30 percent stake in the company. As per German takeover law, any company acquiring more than a 30 percent stake must bid for rest of the company.

No one from Kuka or Midea Group has offered any official statement.

The news of China's Midea Group bidding for Kuka caused uproar among German politicians, with several politicians demanding the German government stop the takeover process. Critics in Germany said that the takeover would give the Chinese complete access into critical German technology.     

German Chancellor Angela Merkel, who was in China earlier this month, promised that her government would not stop the takeover process, but also left the door wide open for German and European firms to make counter offers. However, no prominent European company came forward to bid.

TagsMidea Group, Kuka, china, German Robotic Company