The logo of Grammer PLC, a German company active in the automotive industry, outside the concern's headquarters in Amberg, Germany. (picture alliance /Armin Weigel/dpa/archive)
Chinese auto parts group Ningbo Jifeng has exceeded the threshold for its takeover offer to the shareholders of German company Grammer AG.
Shortly before the term of acceptance period closed on Monday, 19 percent of Grammer shareholders had submitted their shares for exchange, announced the company.
Together with the 26 percent that the Chinese company already holds, Jifeng also has 45 per cent of the voting rights and thus well exceeds the minimum threshold of 36 percent.
If the Hastor investor family were to make a counteroffer, the battle for Grammer AG could start again.
In May, the Hastor's rejected Jifeng's offer of 60 euros per share as too low, saying that fair value would be "at least 85 euros," and announced that they would consider expanding their stake.
Only the approvals of the cartel offices in China and Turkey are then pending for the completion of the takeover. Those decisions are expected to be made in September. All the other competition regulators have already agreed.
Grammer employs 15,000 people, 2000 of whom work at its headquarters in the town of Amberg in the southern German state of Bavaria. The company manufactures consoles and headrests for cars as well as seats for construction machinery and tractors.
A year ago, Grammer staved off a takeover by the Hastor family with the help of the then newly acquired shareholder Jifeng.
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