China’s Ningbo Jifeng Lands Majority Stake in Grammer

August 10, 2018 at 5:54 PM

Ningbo Jifeng Auto Parts Co. has increased its share in German interiors and seating supplier Grammer AG from 25% to 74%, the companies announced.

Jifeng acquired the additional stake at €60 ($70) per share through a tender offer launched in June. The acquisition includes the 19% stake previously held by Bosnia’s Hastor family, which also had sought control of Grammer.

Grammer shareholders, who have not yet accepted the offer, have until August 23 to do so. The deal is expected to close this autumn.

Jifeng, which supplies headrests and armrests, acquired a 24% stake in Grammer in early 2017. The move helped block the Hastor family, which Grammer viewed unfavorably, in part because of the Bosnian company’s contract dispute at the time with Volkswagen AG.