Chinese auto dealer intends to buy out German company Grammer AG

Beijing. May 31. Silkroadnews - China auto dealer Ningbo Jifeng Auto Parts Co. is negotiating for the repayment of Grammer AG, its German partner, People’s Daily wrote.
According to Grammer AG, Jifeng has estimated the German manufacturer of seats for cars at around 772 million euros (893 million US dollars), including dividends. The proposal price is 17% higher than the closing price on Monday.
At this stage, it is unclear whether the negotiations will be successfully completed and whether the takeover will begin while Grammer considers the strategic options.
Jifeng has already been Grammer’s largest shareholder with a 25 percent stake since 2017. Back then, the Grammer took Jifeng’s investment to fend off stock purchases by Bosnian billionaire Hastor family. Hastor family is Grammer's second largest shareholder with a 19 percent stake, the publication reads.