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Ningbo Jifeng Auto Parts Co. increased its share in German interiors and seating supplier Grammer AG from 25% to 74% through a tender offer at €60 per share. The deal is expected to close in autumn 2018.
Grammer AG agreed to a buyout offer by affiliates of Chinese partner Ningbo Jifeng Auto Parts Co. valuing the German vehicle seat maker at about EUR 770 million ($889 million). The supervisory board endorsed the EUR 60 per share offer plus a EUR 1.25 dividend.