Next round in the takeover battle / Jifeng can complete the conversion of its convertible bond after all
The management team of automotive supplier Grammer (Amberg / Germany; can now look forward to the upcoming general meeting on 24 May in a somewhat more relaxed state of mind (see of 21.04.2017).

The Nuremberg-Fürth regional court decided that the injunction instigated by the Bosnian entrepreneur family Hastor is currently "unenforceable," a spokesman told The previously refused conversion of Ningbo Jifeng Auto Parts' (Ningbo, Zhejiang / China; bond into shares can thus, from Grammer's point of view, be completed. The previously scheduled court hearing on 16 May, when a final decision will be taken on the injunction, is unaffected.

If the bond were converted, Ningbo Jifeng would, with a good 1m voting shares or 10.06%, be the second largest shareholder behind one of the two Hastor companies – provided their data are still correct. A mandatory announcement by the shareholders is only necessary if the shareholdings exceed 15% or fall below 10% of the notifiable thresholds.

At the same time, the German federal cartel office (Bundeskartellamt) declared on 25 April that the acquisition of the shares was not subject to notification, which had originally been cited by Hastor to justify the injunction.

The family company – which owns among other things the supplier Prevent, which last year forced VW to make certain concessions (see of 30.08.2016) – has announced that it wants to take over control of the company at the shareholders' meeting.

More than 1,900 Grammer employees last Monday demonstrated against the Hastor stakeholding in the company, according to industry trade union IG Metall.
02.05.2017 [236826-0]
Published on 02.05.2017
Grammer: Nächste Runde im ÜbernahmekampfGerman version of this article...

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