Ferretti, Ferrari hands over shares in takeover bid but aims to remain on the board of directors

A financial participation and as such it was decided to manage it. Piero Ferrari, following the increase of Kkcg Maritime's offer on Ferretti from EUR 3.5 to EUR 3.9 per share, has chosen to adhere to the tender offer. It did so because it views the proposal positively and considers it consistent with the nature of its investment in Ferretti, which has always been characterised by a predominantly financial profile. It is no coincidence that this is not the first time this stake has been valued. In fact, its entry into the capital of the luxury yacht company dates back to April 2016 when, through the holding company F Investments, it had acquired a 13.2% stake through a capital increase. Now the entire 4.6% still held is being put up for grabs.

On the other hand, the link with Ferretti Group on the industrial and strategic level, prior to the Engineer's entry into the company's capital, is different and much more deep-rooted. Specifically, it was in 2013 when Ferretti announced Ferrari's entry into the new Strategic Product Team. On that occasion, the appointment, which was made official during the 2013 China International Boat Show in Shanghai, was illustrated as a key step in a broader project of managerial strengthening "aimed at an increasingly intense development at an international level, at a time characterised by the need to face increasingly complex challenges in terms of global presence and sustainable growth". The constitution of the new Strategic Product Team immediately had the objective of analysing the main market trends in order to better define strategies. For more than twelve years, therefore, Ferrari has been actively contributing to Ferretti's growth through the leadership of the committee that has defined its development lines, a commitment that, we learn, he expects to continue in the future. Even possibly as a board member.

A game, the latter, which with the exit from the capital is evidently still to be played out. All the more so considering that by 17 April the list for the renewal of the board and for the position of CEO must be indicated and that the shareholders' meeting is scheduled for 14 May. All the more so considering that the clash within the corporate structure and the board is far from over. Also in light of the board's umpteenth rejection of Kkcg and its even more rounded offer. Crucial, in this sense, is to understand what set-up will emerge following Ferrari's decision to hand over its stake to Karel Komarek's Czech group. A company that can count on a 14.5% stake in Ferretti and which is aiming to bring itself immediately close to 30%. At the moment, adhesions to the offer are decidedly low, we are around 0.7%. It must be remembered, however, that those who decide to make a bid normally deposit them in the last few days, the deadline at the moment being 13 April. Nor should the global context and the rise in the offer price that occurred only a few days ago be underestimated. It is no coincidence that Equita, in the wake of the revision of the consideration, recently recommended adhering to it, and did so for two main reasons: the EUR 3.9 representing 'an interesting economic opportunity' and the risk of the rising external context. Two reasons that could lead shareholders to revise their valuations. As things stand, in any case, Kkcg has just under 20%. Against the 39.25% that the Chinese of WeiChai can count on instead, who just in recent weeks have rounded up their shareholding to curb Komarek's ambitions.