{"id":542,"date":"2018-08-15T10:23:13","date_gmt":"2018-08-15T02:23:13","guid":{"rendered":"https:\/\/www.shentoucapital.com\/de\/?p=542"},"modified":"2023-07-18T10:27:38","modified_gmt":"2023-07-18T02:27:38","slug":"grammer-chinese-white-knight-triumphs-hastor-out-of-the-game","status":"publish","type":"post","link":"https:\/\/www.shentoucapital.com\/de\/542.html","title":{"rendered":"Grammer: Chinese White Knight Triumphs, Hastor out of the Game"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"542\" class=\"elementor elementor-542\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-646ce4bc elementor-section-full_width elementor-section-height-min-height elementor-section-height-default elementor-section-items-middle elementor-invisible\" data-id=\"646ce4bc\" data-element_type=\"section\" 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.elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">NEWS<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d9372c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"6d9372c3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7dff126d\" data-id=\"7dff126d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29ab78a4 elementor-widget elementor-widget-wp-widget-bcn_widget\" data-id=\"29ab78a4\" data-element_type=\"widget\" data-widget_type=\"wp-widget-bcn_widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"breadcrumbs\" vocab=\"https:\/\/schema.org\/\" typeof=\"BreadcrumbList\"><!-- Breadcrumb NavXT 7.2.0 -->\n<span property=\"itemListElement\" typeof=\"ListItem\"><a property=\"item\" typeof=\"WebPage\" title=\"\u8f6c\u5230 shentoucapitalDE.\" href=\"https:\/\/www.shentoucapital.com\/de\" class=\"home\" aria-current=\"page\"><span property=\"name\">shentoucapitalDE<\/span><\/a><meta property=\"position\" content=\"1\"><\/span><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5176418c elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"5176418c\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-14aebc8f\" data-id=\"14aebc8f\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a12c683 elementor-widget elementor-widget-heading\" data-id=\"4a12c683\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Grammer: Chinese White Knight Triumphs, Hastor out of the Game<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c280df1 elementor-align-center elementor-widget elementor-widget-post-info\" data-id=\"6c280df1\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\"><link rel=\"stylesheet\" href=\"\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css\">\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-fdce371 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.shentoucapital.com\/de\/date\/2018\/08\/15\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t2018-08-15\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item 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*\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon 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.elementor-divider__element{margin-right:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-top:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-100afe9a elementor-widget elementor-widget-text-editor\" data-id=\"100afe9a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Jiye Auto Parts GmbH, an affiliate of the Chinese automotive supplier Ningbo Jifeng and strategic partner of Grammer, announced on 10th August that about 48.45% of Grammer shareholders have accepted their takeover offer. The affiliated companies of Ningbo Jifeng currently hold 25.56% of the Grammer shares. Taking the 48.45% new shares into consideration, Jifeng will now have approximately 74.02% of the total shares of Grammer AG. The transaction is expected to be accomplished in the third quarter of 2018.<\/p><p>The notorious Hastor family has now left Grammer after more than two years participation. Hastor\u2019s investment company Cascade stated on 8th August that Cascade has accepted the tender offer from Chinese auto supplier Jifeng, leaving only a tiny number of shares in Grammer. Hastor family rejected Jifeng\u2019s tender offer of \u20ac60 per share in May and claimed that the offer was evidently too low and estimated the fair value of Grammer should be \u201cat least \u20ac85 \u201c, therefore, Cascade announced to consider an expansion of their participation in Grammer. Yet it turned out that they made a different decision. Given the successful takeover by the Wang family \u2013 the owner family of Jifeng, Cascade cannot fulfil their previous plans with Grammer any more.<br \/><br \/>Grammer \u2013 the specialist for truck and train seats as well as interior equipment for commercial and passenger cars headquartered in Amberg \u2013 had established partnership with Ningbo Jifeng and the owner family of Ningbo Jifeng, in order to get rid of the activist shareholder Hastor. Ningbo Jifeng acted as \u201cwhite knight\u201d and invested in Grammer in a generous manner.<br \/><br \/>Work unions and investment bankers reacted positively on the takeover of Jifeng. The chief of Amberg IG Metall and deputy of supervisory board from Grammer Horst Ott said the participation of Jifeng will secure a stable status of Grammer. Jifeng has contractually agreed that Grammer will remain independent and publicly listed. All sites are guaranteed to remain open for five years, and all job positions for seven and a half years.<br \/><br \/>The investment bank Oddo BHF estimates that auto makers, who\u2019s orders have been negatively impacted due to the bad experiences with the Hastor family, would be in the position to have their orders back to normal again. Grammer should therefore become more profitable. The stock price of Grammer rose slightly on 9th August.<br \/><br \/>As the M &amp; A advisor to Grammer AG, Shentou Capital (Shentou) advised the company over the past two years and provided solid support in various phases. In the first phase, with the help of Shentou, the management of Grammer AG successfully defeated the hostile takeover attempt by the Hastor family in cooperation with Jifeng. Jifeng acquired roughly 9% share of Grammer via a convertible bond, and together with other investors, prevented the hostile takeover by Hastor in the in Grammer\u2019s annual General Meeting in 2017. In this defensive struggle, the management of Grammer AG was supported by the representatives of the employees and by a broad social consensus.<br \/>In the second phase, Shentou successfully assisted the management, supervisory board and works council of Grammer in negotiations for a comprehensive strategic cooperation between Ningbo Jifeng and Grammer.<\/p><p>The notorious Hastor family has now left Grammer after more than two years participation. Hastor&#8217;s investment company Cascade stated on 8th August that Cascade has accepted the tender offer from Chinese auto supplier Jifeng, leaving only a tiny number of shares in Grammer. Hastor family rejected Jifeng&#8217;s tender offer of \u20ac60 per share in May and claimed that the offer was evidently too low and estimated the fair value of Grammer should be &#8220;at least \u20ac85 &#8220;, therefore, Cascade announced to consider an expansion of their participation in Grammer. Yet it turned out that they made a different decision. Given the successful takeover by the Wang family \u2013 the owner family of Jifeng, Cascade cannot fulfil their previous plans with Grammer any more.<\/p><p>Grammer &#8211; the specialist for truck and train seats as well as interior equipment for commercial and passenger cars headquartered in Amberg &#8211; had established partnership with Ningbo Jifeng and the owner family of Ningbo Jifeng, in order to get rid of the activist shareholder Hastor. Ningbo Jifeng acted as &#8220;white knight&#8221; and invested in Grammer in a generous manner.<\/p><p>Work unions and investment bankers reacted positively on the takeover of Jifeng. The chief of Amberg IG Metall and deputy of supervisory board from Grammer Horst Ott said the participation of Jifeng will secure a stable status of Grammer. Jifeng has contractually agreed that Grammer will remain independent and publicly listed. All sites are guaranteed to remain open for five years, and all job positions for seven and a half years.<\/p><p>The investment bank Oddo BHF estimates that auto makers, who\u2019s orders have been negatively impacted due to the bad experiences with the Hastor family, would be in the position to have their orders back to normal again. Grammer should therefore become more profitable. The stock price of Grammer rose slightly on 9th August.<\/p><p>As the M &amp; A advisor to Grammer AG, Shentou Capital (Shentou) advised the company over the past two years and provided solid support in various phases. In the first phase, with the help of Shentou, the management of Grammer AG successfully defeated the hostile takeover attempt by the Hastor family in cooperation with Jifeng. Jifeng acquired roughly 9% share of Grammer via a convertible bond, and together with other investors, prevented the hostile takeover by Hastor in the in Grammer\u2019s annual General Meeting in 2017. In this defensive struggle, the management of Grammer AG was supported by the representatives of the employees and by a broad social consensus.<\/p><p>In the second phase, Shentou successfully assisted the management, supervisory board and works council of Grammer in negotiations for a comprehensive strategic cooperation between Ningbo Jifeng and Grammer.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f0a91f3 elementor-widget elementor-widget-heading\" data-id=\"5f0a91f3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Grammer AG<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-379bd960 elementor-widget elementor-widget-image\" data-id=\"379bd960\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"391\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/07\/20180815-02-1024x500.jpg\" class=\"attachment-large size-large wp-image-538\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/07\/20180815-02-1024x500.jpg 1024w, \/wp-content\/uploads\/sites\/5\/2023\/07\/20180815-02-300x147.jpg 300w, \/wp-content\/uploads\/sites\/5\/2023\/07\/20180815-02-768x375.jpg 768w, \/wp-content\/uploads\/sites\/5\/2023\/07\/20180815-02.jpg 1269w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-741762b7 elementor-widget elementor-widget-text-editor\" data-id=\"741762b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Located in Amberg, Germany, Grammer AG specializes in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for on-road and off-road vehicles. In the Automotive Division, Grammer supplies headrests, armrests, center console systems and high-quality interior components and operating systems to premium automakers and automotive system suppliers. The Commercial Vehicle Division comprises seats for truck and off-road seat segments (tractors, construction machinery, and forklifts) as well as train and bus seats. With 13,000 employees, Grammer operates in 19 countries around the world. Grammer shares are listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra. Its 2017 revenue was approximately 1.8 billion Euros.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3394b8ca elementor-widget elementor-widget-heading\" data-id=\"3394b8ca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ningbo Jifeng<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33598401 elementor-widget elementor-widget-image\" data-id=\"33598401\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"511\" height=\"289\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/07\/201806111-003.jpg\" class=\"attachment-large size-large wp-image-523\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/07\/201806111-003.jpg 511w, \/wp-content\/uploads\/sites\/5\/2023\/07\/201806111-003-300x170.jpg 300w\" sizes=\"(max-width: 511px) 100vw, 511px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13600c8 elementor-widget elementor-widget-text-editor\" data-id=\"13600c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Ningbo Jifeng Auto Parts Co., Ltd., established in 2003, is a leading manufacturer of seat system components for passenger vehicles in China. The company specializes in the development, production and sale of automotive headrest and armrest. The product portfolio includes headrest, headrest rod and armrest. Ningbo Jifeng Auto Parts Co., Ltd. is listed in the Shanghai Stock Exchange from 2nd March 2015.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>NEWS Grammer: Chinese White Knight Triumphs, Hastor out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts\/542"}],"collection":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/comments?post=542"}],"version-history":[{"count":0,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts\/542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/media\/282"}],"wp:attachment":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/media?parent=542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/categories?post=542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/tags?post=542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}