Ferretti, Kkcg calls the government into question

It will truly be a duel to the last vote - to which they risk adding stamped papers - the challenge to win the majority of the members of the board of directors, which will take place today between the two most important shareholders of the Ferretti group (a company specialised in the construction of luxury yachts), namely the Chinese Weichai, with 39.5% of the shares, and the Czech Kkcg maritime, which has reached, with a partial takeover bid concluded in mid-April, 23.2% of the yacht giant; a percentage that rises to 28.2% with the votes of Kuwaiti Bader Al-Kharafi, who decided to support, with his 5%, the list headed by Karel Komárek. The percentage in favour of Kkcg, however, could rise further if the list was voted in by other shareholders of the group, as advised by some independent advisors.

Yesterday the twist: Kkcg revealed that it had written to the Italia government, fearing a lack of compliance with current regulations by the Chinese shareholders; and invoking the exercise of golden power.

The decision to express these doubts matured after press reports revealed that a series of subjects linked to Weichai would continue to rake in Ferretti shares, keeping, however, each operation below 3%, the limit beyond which the obligation to notify Consob is triggered. Among these would be, in particular, Bank of China, which has reached 1.989% and the Swiss Adtech advanced technologies (founded by a former director of Weichai power), which now holds 2.8%; as well as other entities with small stakes, such as Wealt strategy holding (Hong Kong) with about 1% and Yanjan international, with 0.8%.

Kkcg states that the information that has come to light, relating to recent acquisitions of Ferretti shares 'by parties of Chinese nationality and parties connected to Weichai', reinforces 'concerns about compliance with applicable regulations, including possible failures to comply with notification obligations in relation to the ownership and control of a company operating in sectors of strategic importance for national security and defence (golden power)'. Kkcg explains, therefore, that it 'formally notified these concerns to the Italia government on 11 May 2026'.

The letter to the government (copied to Consob), explains a source close to the operation, raises two issues: the first is that Weichai, ultimately controlled by Sasac, the state agency in Beijing, would not, to date, have notified the majority shareholding under the golden power, despite the fact that Ferretti is formally recognised as a strategic company for national defence, given that, since 2016, it has been building military patrol boats for the Navy and Carabinieri. The second issue is that the recent share purchases, according to Kkcg, were made in coordination with Weichai and would bring the aggregate Chinese share above 45%. Eventually, it is noted, the company, with Chinese state shareholders, could have a board of directors without any Italia executive directors and pave the way for strategic dual-use technology transfers. And, should the concert be established, voting rights, exercised without due notification, could be legally suspended.