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(The Sun 24 Hours Radio) – Ferretti is rising at Piazza Affari, while the market is wondering about the future of the company, amid rumors of a withdrawal of the Chinese partner Weichai from the capital and hypotheses of acquisitions in sight. However, the prices remain at the lowest levels since the stock market launch, which took place at the end of June 2023: placed at the IPO at 3 euros, Ferretti had reached a maximum of 3.5 euros last February, before starting to decline.
The CEO, Alberto Galassi, revealed on Tuesday, the opening day of the Cannes Yachting Festival, that the group is preparing to announce extraordinary operations. “The next acquisitions – he said – will concern the production chain: there are suppliers that we want to acquire, there are activities that we want to internalize. We want to bring home the production of Wally sailboats (which was not within the group’s factories, before the acquisition of the Ravenna shipyard, ed.) because it is a creation of value that we would like to retain”. This operation has already been approved by the board on August 29. So it is a question of “the time to close and announce it”, as Galassi said.
On the same date, the board of directors of the nautical group also gave the green light to a second M&A move, which will be implemented shortly, “but we have set our sights on more targets”, said the CEO, highlighting that Ferretti Group has “cash and resource potential”.
Investors, however, are wondering about the company’s shareholding structure and fear the exit of the Chinese partner from the capital. This hypothesis, the latter, has accelerated the downward trend of the shares in the last period. Moreover, at the end of August Tan Xuguang resigned from the position of president of both Weichai, Ferretti’s main shareholder since 2012, and of the Italian group. The reason is the age limit reached (63 years), but investors fear that the resignation could herald a U-turn by the Chinese group in the capital of the company that makes luxury boats. Galassi, however, has provided reassurances, explaining that a new president of Ferretti group has been appointed, Jiang Kui, who “lives in Chicago, has been with us on the board, knows us and we know him and there is continuity in the execution of the industrial plan”.
As Il Sole 24 Ore points out, Weichai holds 37.5% of Ferretti, a company listed on the stock exchange in both Hong Kong and Milan; other shareholders of the Forlì-based group are (source Factset) Valea Foundation (12.06%), Ubs (5.31%), Iervolino (5.22%), Piero Ferrari (4.56%). In addition, the Bombassei family, which owns Brembo, «has allegedly acquired shares of the Italian company», writes Il Sole 24 Ore. According to rumours, if the Chinese partner were to sell its share, private equity funds could enter the capital of Ferretti and, again according to rumours, the sovereign fund Mubadala. Galassi nevertheless recalled that Weichai cannot sell shares on the market and, to dispose of a potential share package, operations and negotiations are needed. «There is nothing on the horizon, nothing has changed», he said. Regarding Weichai’s reaction to the exercise of the golden power, “they did not react,” Galassi said. “Every non-EU investor is well aware of the existence of golden power legislation in Italy and in Europe. Those of them who invest in Italy do so well aware of the laws that regulate the business world.”