With the support of Ashurst, automotive supplier Grammer AG's management prevailed against its shareholders Cascade International Investment GmbH (Cascade) and Halog GmbH & Co. KG. (Halog) at an again turbulent annual general meeting (AGM) held in Amberg/Bavaria on 13 June 2018.
Cascade, an investment vehicle controlled by the Hastor family, has challenged the AGM with several procedural motions. Cascade's representative, for example, has requested the audit and assertion of claims for damages against Grammer AG's two management bodies and the shareholder JAP Capital Holding GmbH, and made corresponding applications which were rejected on grounds of inadmissibility. The alternative request for a special audit was rejected by the AGM as was the twice-requested dismissal of the chairman of the meeting.
Ashurst advised Grammer in relation to the preparation and holding of the AGM with corporate counsel Dr Gerrit Clasen leading the firm's team, partners Dr Thomas Sacher and Reinhard Eyring as well as counsel Volker Germann and Martina Rothe (all corporate, Munich and Frankfurt) assisted. Reinhard Eyring assisted the chairman of the AGM and chairman of the supervisory board, Dr.-Ing. Klaus Probst.
Ashurst advises the manufacturer of automotive interiors and seats in connection with the announced takeover offer by Jiye Auto Parts GmbH, a company affiliated with Chinese supplier Ningbo Jifeng Auto Parts Co. as well as in relation to the dispute with various companies belonging to the Hastor Group before the Nuremberg-Fürth district court.
