Weichai rejects KKCG tender offer for Ferretti Group shares

Written by Sophie Spicknell

Photo: Ferretti Group

The Chinese controlling shareholder of Ferretti Group, Weichai, has confirmed it does not intend to support a tender offer launched by Czech investment group KKCG.

According to Reuters, the Chinese investor said on Thursday that it could instead increase its own shareholding in Ferretti, countering KKCG’s move earlier this week to strengthen its position within the group.

Photo: CRN

The Czech group has made clear that the offer is intended to facilitate changes to Ferretti’s board, whose current members were selected by the Chinese majority shareholder, but tensions are now growing over the control of the company.Yesterday, Kuwaiti investor Bader Nasser Al-Kharafi announced he had acquired a three percent stake in Ferretti Group. Ferretti Group, which encompasses brands including Ferretti Yachts, Riva, Pershing, Custom Line, CRN and Wally, is a prominent player in the global yacht and superyacht sector.