May 29, 2018 / 7:58 AM / a year ago

Ningbo Jifeng offers job guarantees in Grammer deal: sources

MUNICH (Reuters) - China’s Ningbo Jifeng Auto Parts Co Ltd (603997.SS) is offering to guarantee jobs for 7-1/2 years as part of its proposed takeover of German automotive supplier Grammer (GMMG.DE), two people familiar with the matter told Reuters.

Grammer said earlier on Tuesday that Ningbo Jifeng, which is already a major shareholder, was in talks to buy the German company, valuing it at about 772 million euros ($893 million).

The sources said the transaction was conditional on Ningbo Jifeng reaching 50 percent ownership of Grammer. It currently holds 25.51 percent. The Chinese group is not aiming for a domination agreement, which would require a stake of at least 75 percent, the sources also said.

A Grammer spokesman declined to comment.

Reporting by Alexander Huebner; Writing by Christoph Steitz; Editing by Douglas Busvine

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