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Ningbo Jifeng says plans to hike Grammer stake beyond 12.1 pct
May 16, 2017 / 2:16 PM / 7 months ago

Ningbo Jifeng says plans to hike Grammer stake beyond 12.1 pct

FRANKFURT, May 16 (Reuters) - China’s Ningbo Jifeng said it plans to hike its stake in Germany’s Grammer beyond 12.1 percent, as it fights to marginalise the influence of Bosnia’s Hastor family.

“We currently own about 12.1 percent of the company and realize the complexity of the current situation,” Ningbo’s Chairman Yi Ping said in a statement.

“Beyond our shareholding we are in the process of setting up joint ventures in China and discussing other potential cooperations in specific areas that will enable Ningbo Jifeng and Grammer to work together even more successfully than they could do on a standalone basis.”

The statement was made after Grammer issued a separate statement saying that Ningbo’s JAP company intends to raise its stake.

Grammer management planned to bring China’s Ningbo Jifeng on board as a “white knight” against Bosnia’s Hastor, which owns a stake of at least 20 percent in Grammer and has criticised Grammer’s management.

“We appeal to all shareholders to consciously analyse the situation and choose a path for the successful long term development of the company,” Yi Ping said. (Reporting by Edward Taylor; Editing by Arno Schuetze)

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