FRANKFURT, April 10 Efforts by German automotive
interiors maker Grammer to dilute the influence of
Bosnian activist investor Hastor were dealt a blow after the
group blocked China's Ningbo Jifeng Auto Parts Co Ltd.
from gaining a 9.2 percent voting stake.
The Hastor Group was granted an injunction to block Ningbo
Jifeng from exercising a convertible bond ahead of Grammer's
annual shareholder meeting on May 24, a Grammer spokesman said
"We have appealed the injunction," a Grammer spokesman said.
Bosnia's Hastor family, which owns a stake of at least 20
percent stake in Grammer, has criticised Grammer's management
and campaigned for seats on the board of directors. Grammer's
management have sought to rebuff Hastor's requests.
The rising influence of the Bosnian group has raised some
concerns among Grammer's largest customers, German carmakers,
after a dispute between the Hastor family and Volkswagen
escalated, resulting in stoppages of VW's Golf assembly line.
Volkswagen accounts for 35 percent of sales at Grammer's
Grammer management had hoped to bring Ningbo Jifeng on board
as a "white knight."
In February Ningbo subscribed to a 60 million euro mandatory
convertible bond representing approximately 9.2 percent of
Grammer's share capital.
The Hastor 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.
(Reporting by Alexander Huebner and Edward Taylor, editing by