The ownership structure of Italian luxury yacht manufacturer Ferretti Group has recently seen developments.
On January 19, Czech investment group KKCG Maritime proposed a voluntary tender offer, aiming to invest up to €182 million to raise its stake in Ferretti from approximately 15.4% to 29.9%—just below the 30% threshold that would trigger a mandatory takeover bid.
As Ferretti’s second-largest shareholder, KKCG stated that this stake increase is not aimed at taking the company private but has signaled plans to nominate new candidates for the board of directors at the upcoming annual general meeting.
Ferretti subsequently 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%.
Ferretti shares are currently listed and traded on the Milan and Hong Kong stock exchanges.
Public information shows that China’s Weichai Holding Group participated in Ferretti’s restructuring in 2012, becoming its largest shareholder. Under Weichai’s stewardship, Ferretti’s debt was reduced from €685 million to a more manageable €116 million. This improvement in the capital structure laid a solid foundation for long-term, sustainable, and profitable growth.
Financial data indicates that from 2012 to 2024, Ferretti’s revenue grew from approximately €290 million to €1.24 billion. The company returned to profitability in recent years, reporting a net profit of around €88 million in 2024.
Market analysts note that KKCG’s move—increasing its stake close to the mandatory bid threshold and pushing for board changes without presenting a long-term operational plan—is largely viewed as a “power grab” concerning corporate governance. This approach is seen as distinctly different from Weichai Group’s investment philosophy, which has focused on capital restructuring, operational improvement, and value recovery.
