BERLIN (AP) — German auto parts supplier Grammer AG is being taken over by Chinese company Ningbo Jifeng.
Grammer said Thursday that companies associated with Ningbo Jifeng, also an auto parts company, hold a stake of just over 74 percent following a tender offer. Ningbo Jifeng, which previously held a little over a quarter of the shares in Grammer, has had a "strategic partnership" with the German company since February 2017.
Grammer's management recommended a month ago that shareholders accept the cash offer of 60 euros ($69.62) per share.
German officials have said the country welcomes Chinese investment but also wants easier market access in China. Ningbo Jifeng said Thursday that the German Economy Ministry has certified that it doesn't object and the transaction doesn't require further regulatory approval.