Ferretti Shareholders Face Off as KKCG, Weichai Clash for Board Control
Ferretti Boardroom Battle: Key Developments and Shareholder Strategies
MILAN, May 14 (Reuters) - Ferretti's two top shareholders, Czech investment firm KKCG Maritime and China's Weichai Group, will contest control of the yacht maker's board at its annual meeting on Thursday, having each submitted rival slates of candidates.
Rival Board Slates and Leadership Proposals
KKCG Maritime wants to confirm CEO Alberto Galassi, who has headed the group since 2014, in his post and reshape a board currently dominated by representatives of Weichai. The latter has put forward former Procter & Gamble executive Stassi Anastassov to take over from Galassi.
The list that secures the most shareholder votes will appoint all but one board member.
Shareholding Structure and Recent Moves
Earlier this year, KKCG Maritime raised its stake in Ferretti to about 23%, while Weichai holds around a 39% stake in the group.
Regulatory Concerns and "Golden Power" Rules
KKCG Maritime said on Wednesday it had notified the government of possible breaches of Italy's so-called "golden power" rules, after Italian business daily MF reported that China-linked investors had stepped up share purchases in the yacht maker.
It was not immediately clear whether Ferretti and its current shareholding structure fall under Italy’s “golden power” system, however, which gives Rome the right to veto or set conditions on corporate deals involving companies deemed strategic to national security.
Ferretti’s Business Portfolio and Strategic Outlook
Ferretti controls seven different yacht brands, including Riva and Wally. It also has a small security division producing patrol vessels, which the company has deemed non-core and sought to sell.
Future Plans and Market Position
KKCG Maritime’s chairman told Reuters two weeks ago that the group aims to expand in defence, adding that he sees the yacht maker as a potential "consolidator" in the leisure boating market.
(Reporting by Elisa Anzolin; Editing by Hugh Lawson)
