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China’s Ningbo Jifeng in Talks to Acquire Grammer
China’s Ningbo Jifeng Auto Parts Co., which owns about 25% of German interiors and seating supplier Grammer AG, is in talks to buy out the company.
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China’s Ningbo Jifeng Auto Parts Co., which owns about 25% of German interiors and seating supplier Grammer AG, is in talks to buy out the company.
Jifeng Auto, which supplies automotive headrests and armrests, has proposed to buy remaining Grammer shares at €60 ($70) and pay a dividend of €1.25 ($1.45) per share. The German company says its board is reviewing its options.
Jifeng Auto is willing to offer broad guarantees to reach an agreement, sources tell Bloomberg News. But they say that negotiations have been delayed after several business issues arose yesterday.
Last year Grammer sold a minority stake to Jifeng Auto, which acted as a white knight to thwart a share purchase and management overhaul by Bosnia’s Hastor family. The Hastor family, which holds about 19% of the supplier’s shares, was involved in a toxic battle with Volkswagen AG at the time.
Hastor’s Prevent Group had suspended parts deliveries to VW in a squabble over contracts. Grammer told Bloomberg last year that the clash resulted in a noticeable falloff in new orders until after the Hastor takeover attempt was deflected.
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