(Adds final outcome from AGM, recasts)
AMBERG, Germany May 24 Bosnia's Hastor family
failed in a bid to get three representatives onto the
supervisory board of German vehicle components supplier Grammer
at the annual general meeting of shareholders on
The Bosnian activist investor, with a stake of around 20
percent, sharply criticised Grammer's management, while a rival
group with a 15.1 percent stake, led by China's Ningbo Jifeng
Auto Parts Co, backed management proposals.
Shareholders representing 67.32 percent of Grammer's equity
capital submitted their votes at the meeting, Grammer said.
The Hastor family had demanded three seats on the
supervisory board and contested the outcome of the AGM even
before the final vote had been counted.
Cascade Investment International GmbH, a company controlled
by the family, had accused Grammer's management of market
manipulation to help Ningbo Jifeng build a stake.
Grammer has denied the allegation but said the company would
see business suffer if the Bosnians increased their influence.
Grammer's management also welcomed Ningbo Jifeng, another
suppier of vehicle interior components, as a potential white
Last year a contract dispute between Volkswagen
and two of its suppliers controlled by the Hastor family,
CarTrim and ES Automobilguss, briefly halted production at more
than half of the carmaker's German plants.
(Reporting by Irene Preisinger; Writing by Edward Taylor and
Christoph Steitz; Editing by Maria Sheahan, Greg Mahlich)