KKCG Maritime Challenges Ferretti Board’s Stance as Key Directors Back Tender Offer

Ferretti S.p.A. ( (IT:YACHT) ) just unveiled an update.

KKCG Maritime has reiterated concerns over the independence and objectivity of Ferretti S.p.A.’s board and its independent board committee in evaluating KKCG Maritime’s voluntary partial tender offer for up to 15.4% of the yacht maker’s share capital. It criticises the reliance on advice from Altus Capital and highlights that the decisive votes behind the board’s recommendation were cast by directors nominated by Ferretti International Holdings, a Weichai Group subsidiary and Ferretti’s largest shareholder.

The offeror underscores internal division on the Ferretti board, noting that honorary chairman Piero Ferrari and independent director Stefano Domenicali formally opposed the majority view and urged independent shareholders to accept the offer, while CEO Alberto Galassi abstained to remain neutral. KKCG Maritime presents these dissenting positions, including Ferrari’s declared intention to tender his entire 4.63% stake, as evidence that the offer merits serious consideration by minority investors and that current governance dynamics may be misaligned with all shareholders’ interests.

More about Ferretti S.p.A.

Ferretti S.p.A. operates in the luxury yacht and pleasure craft industry, designing and manufacturing high-end yachts for a global clientele. The company is listed in Hong Kong and has a shareholder base that includes Weichai Group via its subsidiary Ferretti International Holdings, alongside prominent Italian stakeholders such as honorary chairman Piero Ferrari.

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