Finance
China’s Weichai rejects KKCG's Ferretti bid as board fight looms
Published by Global Banking & Finance Review®
Posted on January 22, 2026
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 22, 2026
2 min readLast updated: January 22, 2026
Ferretti's main shareholder opposes KKCG's €182M offer to double its stake and push for board changes.
Jan 22 (Reuters) - The Chinese controlling shareholder of Italian yacht maker Ferretti said on Thursday it did not intend to support a tender offer by Czech investment group KKCG and could add to its own shareholding, as a battle over control of the company’s board intensifies.
Earlier this week KKCG launched an offer worth up to 182 million euros ($213 million) to double its 14.5% stake in Ferretti and push for changes to the board, whose members were selected by the Chinese top investor.
Ferretti International Holdings (FIH), controlled by China's Weichai group and owner of a 38% stake in the yacht maker, said it viewed its investment as "long-term and strategic" and reaffirmed its confidence in the company's long-term plans.
"In line with this approach, FIH has, from time to time, increased its shareholding in the company. Subject to market conditions... FIH may continue to consider further increases," it said in a statement.
Since December, FIH has begun a series of small share purchases in the yacht maker.
"FIH expects to seek to maintain effective control of the company and appoint the majority of the board of directors at the next annual general meeting", it added.
Even if KKCG’s tender offer were successful, a 29% stake would still make it only the second-largest shareholder. However, it could seek to have its board slate approved by the general shareholders’ meeting, expected in April or May.
Italian entrepreneur Danilo Iervolino holds just over a 5% stake in Ferretti, according to data on the market watchdog Consob's website.
KKCG is not aiming to replace the company's current top management, according to two sources.
Ferretti, which controls seven different brands including Riva speedboats, is led by CEO Alberto Galassi, who has lately had a strained relationship with the Chinese top shareholder, according to media reports confirmed by a source close to the matter.
FIH said it has no present intention to make a public offer for the shares of the company.
($1 = 0.8558 euros)
(Reporting by Elisa Anzolin in Milan and Chandni Shah in Bengaluru. Editing by Mark Potter and Jan Harvey)
A tender offer is a public proposal to purchase some or all of shareholders' shares at a specified price, usually at a premium over the current market price, often used to gain control of a company.
A shareholder is an individual or institution that owns shares in a company, representing a claim on part of the company's assets and earnings.
A controlling shareholder is an individual or entity that owns a sufficient percentage of a company's shares to influence or control its decisions and policies.
A public tender offer is an offer made by a company or investor to purchase shares from existing shareholders, typically at a specified price and within a set timeframe.
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