Ferretti International Holdings Rejects KKCG Stake Offer for Ferretti

MT Newswires Live

01/23

Ferretti International Holdings rejected Czech investment group KKCG's tender offer for shares in Italian yacht maker Ferretti (HKG:9638), according to a Thursday news release.

KKCG recently launched a tender offer worth up to 182.5 million euros, aiming to raise its stake to 29.9% from 14.5%.

Ferretti International Holdings said it views its investment as long-term and may increase its shareholding further. It said it plans to maintain effective control and appoint most of Ferretti's board members at the next annual general meeting.

Ferretti International Holdings is controlled by China's Weichai Group and owns a 38% stake in Ferretti, according to Reuters.

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