KKCG Maritime’s voluntary partial tender offer for up to 52,132,861 shares of Ferretti S.p.A. Is scheduled to launch on March 16th and will remain open until April 13th, according to announcements made this week.
The offer aims to increase KKCG Maritime’s stake in the Italian yacht builder from 14.5% to 29.9% of Ferretti’s share capital. KKCG Maritime, a wholly-owned subsidiary of the European investment and innovation group KKCG founded by Karel Komárek, stated its intention to leverage its increased voting rights to influence the election of its nominees to Ferretti’s Board of Directors at the next Annual General Meeting. The move is designed to allow KKCG to play a more active role in the company’s governance.
The tender offer is structured to avoid triggering a mandatory takeover bid under Italian and Hong Kong regulations, which would be required if KKCG Maritime’s ownership exceeded 30%. KKCG has emphasized that the offer is not intended to result in the delisting of Ferretti’s shares from Euronext Milan.
The offer comes as Ferretti has experienced limited stock liquidity since its listing on Euronext Milan in 2023, providing existing shareholders with an opportunity to monetize their investment. Alongside KKCG’s move, Kuwaiti businessman Bader Nasser Al-Kharafi recently disclosed a new holding of approximately 3% in Ferretti. Weichai Group remains the largest shareholder, holding around 38% of the company’s shares, whereas Piero Ferrari, a Non-Executive Director, holds just under 5%.
KKCG Maritime has indicated its intention to support Ferretti’s organic and inorganic growth opportunities, potentially influencing decisions related to production, supply chain management, and mergers and acquisitions. The investment group has a track record of active investment and engaged governance, according to statements released by KKCG.
Recent reporting indicates that Chinese stakeholders, specifically Weichai Group, continue to increase their holdings in Ferretti on the open market, with their stake now reaching approximately 39%.
