The ownership structure of Italian luxury yacht manufacturer Ferretti Group has recently entered a new phase of uncertainty.
On January 19, Czech investment group KKCG Maritime announced a voluntary tender offer, planning to invest up to €182 million to increase its stake in Ferretti from approximately 15.4% to 29.9%. This figure sits just below the 30% legal threshold that would trigger a mandatory general offer.
Currently Ferretti’s second-largest shareholder, KKCG stated that this stake increase is not aimed at taking the company private. However, it intends to nominate new candidates for the board of directors at the upcoming annual general meeting.
In response, Ferretti disclosed that its controlling shareholder, Ferretti International Holding (FIH), increased its holdings over three consecutive trading days from January 19 to 21, raising its stake to 38.76%. The market widely perceives this move as an effort to stabilize the company’s control structure.
Public records show that China’s Weichai Holding Group participated in Ferretti’s restructuring in 2012, becoming its largest shareholder. At that time, Ferretti was under significant debt pressure, with total liabilities around €685 million. Following the restructuring, the company’s debt was reduced to approximately €116 million, laying a solid foundation for long-term sustainable and profitable development.
Financial data indicates that from 2012 to 2024, Ferretti’s revenue grew from about €290 million to €1.24 billion, achieving consistent profitability in recent years.
Analysts point out that KKCG’s decision to increase its stake close to the mandatory offer threshold, coupled with its push for changes at the board level, could make Ferretti’s corporate governance a focal point for market attention in the short term. Weichai’s continued investment remains crucial for asset security and operational quality.
