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Ningbo Jifeng raises stake in Grammer to 25.5%
Reuters | 2017/10/27

FRANKFURT -- China's Ningbo Jifeng Auto Parts has raised its stake in Germany's Grammer to 25.5 percent -- up from 20 percent -- as it fights to marginalize the influence of Bosnia's Hastor family. 

A source with knowledge of the situation had told Reuters last week that Ningbo Jifeng was planning to increase its holding in the automotive interiors maker. 

Grammer's management has welcomed Ningbo Jifeng, another supplier of vehicle interior components, as a potential white knight in its conflict with Hastor, which holds about 20 percent of the company.

Last year, Volkswagen briefly halted production at half of its German assembly plants after a dispute with two suppliers controlled by the Hastor family. 

Cascade Investment International, a company controlled by the Hastor family, has accused Grammer's management of market manipulation to help Ningbo Jifeng build a stake. Grammer has denied the allegation. 

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