Mexican Media Brands
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.
#interior
Share
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.
RELATED CONTENT
-
2017 Buick LaCrosse Premium AWD
The Buick design team deserves the strongest of accolades for their work at transforming the appearance of the brand from one of, well something akin to “the last ride” to one of contemporary stylishness befitting of a the cohort of automotive customers who didn’t cast their first presidential ballot in 1968 or earlier.
-
Honda Re-Imagines and Re-Engineers the Ridgeline
When Honda announced the first-generation Ridgeline in 2005, it opened the press release describing the vehicle: “The Honda Ridgeline re-defines what a truck can be with its true half-ton bed payload capability, an interior similar to a full-size truck and the exterior length of a compact truck.” And all that said, people simply couldn’t get over the way there is a diagonal piece, a sail-shaped buttress, between the cab and the box.
-
2017 Genesis G90 AWD 3.3T Premium
There are two aspects to any car.