KKCG Alerts Italy to Possible Rule Breaches at Ferretti Ahead of Shareholder Vote
Ferretti Boardroom Battle and Regulatory Concerns
KKCG Maritime's Notification to Italian Government
MILAN, May 13 (Reuters) - Ferretti's second largest investor KKCG Maritime said on Wednesday it had notified the Italian government of possible breaches of so-called golden power rules ahead of a shareholder showdown on boardroom renewal.
Shareholder Structure and Boardroom Control
Ferretti's largest shareholder is China's Weichai with a 39% stake. Czech investor KKCG Maritime, which earlier this year raised its holding to around 23%, aims to wrest control of the company's board from Weichai.
Recent Share Purchases by China-linked Investors
Italian business daily MF reported earlier on Wednesday that China-linked investors had stepped up share purchases in the yacht maker ahead of a shareholder meeting on Thursday due to appoint new board members.
KKCG's Statement on Regulatory Compliance
"Such information reinforces our concerns regarding compliance with applicable regulations", including golden power rules, KKCG said in a statement.
"KKCG Maritime formally notified these concerns to the Italian government on May 11, 2026.", it added.
Italy's Golden Power Rules and Ferretti's Strategic Importance
Government Intervention Powers
Italy's government has so-called "golden powers" that it can use to intervene in companies deemed strategic to national interests. Ferretti has a small security division which supplies vessels to security forces, both in Italy and abroad.
Ferretti Security Division Overview
Ferretti controls seven different yacht brands, including Riva and Wally. Revenues at Ferretti Security Division (FSD) accounted for around 0.4% of total revenues, according to the group's 2025 annual report.
KKCG's Expansion Plans in Defence Business
The defence business is one of the areas KKCG would like to expand, its chair told Reuters two weeks ago.
(Reporting by Elisa Anzolin, editing by Giulia Segreti and Alvise Armellini)
