On January 19, Czech investment group KKCG Maritime proposed a voluntary tender offer to raise its stake in Ferretti to 29.9%. This figure is intentionally set just below the 30% threshold that would trigger a mandatory general offer under Italian and EU capital market regulations.
KKCG stated that it has no plans to push for the privatization of Ferretti. However, the group explicitly announced its intention to nominate new candidates for the board of directors at the annual general meeting.
This move has drawn market attention. According to information subsequently disclosed by Ferretti, its controlling shareholder, Ferretti International Holding, swiftly increased its shareholding over three days, raising its stake to 38.76%.
Ferretti is currently listed in both Milan and Hong Kong, and its controlling structure has long remained relatively stable. China’s Weichai Holding Group has been a core shareholder since its involvement in the company’s restructuring in 2012. At that time, Ferretti was facing severe financial difficulties with a high debt burden. Following the restructuring, the company significantly improved its capital structure and gradually returned to growth.
In recent years, Ferretti’s operational performance has continued to improve. The company reported revenue of approximately €1.24 billion and net profit of around €88 million in 2024.
Market observers note that KKCG’s strategy of “pushing right up to but not crossing the threshold” allows it to seek influence over the board’s composition without undertaking a full acquisition obligation. While this approach faces no compliance hurdles, its long-term strategic intent and potential impact on the stability of the company’s governance warrant further observation.
