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China's Ningbo Jifeng to take 10 percent stake in Grammer -sources
February 13, 2017 / 9:54 PM / 10 months ago

China's Ningbo Jifeng to take 10 percent stake in Grammer -sources

FRANKFURT, Feb 13 (Reuters) - China’s Ningbo Jifeng Auto Parts Co. Ltd is preparing to buy a 10 percent stake in German auto components company Grammer, two people familiar with the matter said on Monday.

The Chinese supplier is looking for a strategic alliance with Grammer in a deal that could be announced as soon as Tuesday, those people said.

A 10 percent stake in Grammer could cost up to 60 million euros ($63.58 million).

Ningbo Jifeng could not immediately be reached for comment. Grammer declined to comment.

Selling the stake could help Grammer’s management rebuff an investment group controlled by Bosnia’s Hastor family, which has built up a 20 percent stake in Grammer.

Earlier this month, the Hastors demanded that Grammer replace nearly half its supervisory board. Grammer’s management rejected the request, but the Hastor family has demanded an extraordinary shareholder meeting.

The family’s investment vehicle, Cascade International, Investment GmbH, holds about half the Hastors’ stake in Grammer. The other half is owned by Halog, another investment vehicle. Both are controlled by Damir and Kenan Hastor, who are listed by Forbes as the richest Bosnians. ($1 = 0.9437 euros) (Reporting by Alexander Huebner,; additional reporting by Arno Schuetze and Edward Taylor, editing by Larry King)

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