Amberg, Germany – Grammer, an automotive seating company, defeated an attempt by Cascade International Investment to insert three nominees into its supervisory board, at the company's annual general meeting on 24 May 2017.
Grammer sees off Cascade International at AGM
Grammer said that the company's agenda was passed with "a large majority."
This defeat is the latest development in a battle between minority-shareholder Cascade international which is trying to gain control of the company, and the existing owners, management, and trade unions.
The battle has seen interventions from local state politicians such as Ilse Aigner, who rallied to support Grammer in March.
At that time she said that such a takeover would not be in the best interests of employment at the firm or the economic development of Bavaria, Germany where the company is based.
Although seating sales were up at Grammer in the first quarter of 2017. The firm said that there had been "decline in incoming orders for new, future projects.This situation could be further aggravated by a significant influence or even a change of control."