Finance
Ferretti adviser calls KKCG's stake-raise offer unattractive
Published by Global Banking & Finance Review®
Posted on March 13, 2026
2 min readLast updated: March 13, 2026
Quick Summary
Ferretti’s independent adviser and board committee found KKCG’s offer to double its stake—from ~14.5% to ~29.9% via a €182m tender—not attractive due to governance risks and uncertainty around board appointments.
Ferretti adviser calls KKCG's stake-raise offer unattractive
KKCG's Stake Increase Bid and Ferretti's Response
Independent Adviser's Assessment
March 13 (Reuters) - Italian yacht maker Ferretti on Friday said an independent financial adviser has called Czech investment group KKCG's offer to double its stake in the firm "not attractive."
Board Committee Recommendation
In a statement, Ferretti said the independent board committee reviewing the bid agreed with the adviser's assessment and recommended that independent shareholders reject the offer.
Details of KKCG's Offer
In January, KKCG launched an offer worth up to 182 million euros ($209.8 million) to double its 14.5% stake in Ferretti and push for changes to a board appointed by the company's Chinese controlling shareholder.
Concerns Over Shareholding Structure
"In particular, a duopoly of significant shareholding of Ferretti International Holding (FIH) and KKCG Group, but neither holds a majority shareholding, may give rise to significant uncertainty in relation to the company's long-term business strategy and operational management," Ferretti said.
Uncertainties and Board Changes
KKCG's Communication with Ferretti Directors
The company, controlled by state-owned Weichai Group of China, added that, as of Friday, KKCG had not discussed with any of its directors their potential inclusion in its slate for the board renewal, among other issues, creating uncertainty about the company's plans.
Weichai's Position on the Offer
KKCG was seeking changes to a board appointed by Weichai, which manufactures industrial equipment.
Weichai, which is based in eastern China's Shandong province, had said it would not support KKCG's tender offer as it viewed its investment as "long-term and strategic." It owns 38% of the yacht maker.
Recent Stake Acquisition by Biglari Holdings
The rejection comes less than a day after U.S. investment firm Biglari Holdings acquired a 3.4% stake in Ferretti.
Exchange Rate Information
($1 = 0.8677 euros)
Reporting Credits
(Reporting by Shivangi Lahiri in Bengaluru and Kane Wu in Hong Kong; Editing by Sumana Nandy and Thomas Derpinghaus)
Key Takeaways
- •KKCG launched a voluntary partial cash tender offer on January 19, 2026, to raise its Ferretti stake to 29.9% (€182m, €3.50/share) (marketscreener.com).
- •Ferretti’s Independent Financial Adviser and Board Committee deemed the offer unattractive, citing governance risks linked to a dual significant shareholding without majority control (rttnews.com).
- •KKCG had not yet engaged on appointments to Ferretti’s board, adding strategic uncertainty, and Ferretti’s controlling shareholder FIH (Weichai) opposes the bid (rttnews.com)
References
Frequently Asked Questions about Ferretti adviser calls KKCG's stake-raise offer unattractive
1Why did Ferretti's adviser call KKCG's stake-raise offer unattractive?
The adviser found KKCG's offer unattractive due to uncertainties around company control and future business strategy.
2What was KKCG's proposal to Ferretti?
KKCG proposed doubling its stake from 14.5%, offering up to 182 million euros to increase its influence and push for board changes.
3What did the Ferretti board committee recommend to shareholders?
The independent board committee recommended shareholders reject KKCG's offer, agreeing with the adviser's assessment.
4What concerns did Ferretti raise regarding the offer?
Ferretti cited risks of duopoly ownership, lack of majority control, and uncertainty about long-term business direction if the offer succeeded.
5Has KKCG discussed board appointments with Ferretti directors?
As of the statement date, KKCG had not discussed potential board appointments with any of Ferretti's current directors.
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