Grammer AG, a German supplier of head rests, center consoles and other auto interior parts, has defeated an attempt by Cascade International Investment GmbH to insert three nominees into its supervisory board, at the company's annual general meeting on May 24.
Grammer, based in Amberg, Germany, 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.
Cascade is the investment arm of Bosnia's Hastor family, which also controls the auto supplier Prevent. The family said earlier this year that its desire to replace nearly half of Grammer's board was not an "aggressive move" to gain control of the company.
The auto industry makes up the bulk of Grammer's sales, representing 1.2 billion euros ($1.3 billion) of its 2016 sales of 1.5 billions euros ($1.8 billion).
It also makes seating for non-auto transportation such as heavy trucks, agriculture equipment and passengers trains.