KKCG Maritime has secured valid acceptances for 29,611,598 shares in its partial tender offer for Ferretti SpA, representing about 8.75 per cent of the company’s issued share capital and 56.8 per cent of the shares targeted under the bid.
KKCG Maritime is the second-largest shareholder in the Italian boatbuilder Ferretti. In a recent filing with the Hong Kong Stock Exchange, where Ferretti is listed, KKCG stated that it intends to propose new board member nominations at the yacht builder’s annual meeting on 15 May 2026.
The voluntary conditional offer, priced at €3.90 per share, will see the Czech investor acquire all tendered shares for a total consideration of roughly €115m. The offer has received a mixed response.
As acceptances did not exceed the cap of the offer, no pro-rata allocation will be required. The transaction is scheduled to settle on 20 April 2026, with payment to be made and shares transferred on that date. A further announcement confirming final details is expected ahead of settlement.
Following completion, KKCG Maritime will increase its holding from around 14.5 per cent to approximately 23.25 per cent. The offer, which sought up to 15.4 per cent of Ferretti’s capital, has now become unconditional after all conditions were met.
The level of participation intensified towards the close of the acceptance period on 13 April, with more than 13.5m shares tendered on the final day. Market purchases made during trading sessions on 9 and 10 April were not included in the offer, a technical factor noted by Borsa Italiana that affected the final tally.
Ongoing tensions at Ferretti Group
The bid has unfolded amid disagreement between KKCG and the company’s board.
KKCG has reportedly been preparing to propose a shareholder vote to oust directors with connections to Weichai Group.
KKCG argues that its recent proposal of €3.90 per share was fair and provided minority shareholders with an attractive opportunity to exit, while also pointing to internal division among directors. It said board opposition had been shaped by members nominated by Ferretti International Holding, the vehicle through which China’s Weichai Group controls roughly 38 per cent of Ferretti.
A majority of the board, supported by adviser Altus, had described the revised terms as “not fair and not reasonable” for independent shareholders, citing concerns over valuation, the absence of a full exit option and possible governance uncertainty.
However, honorary chairman Piero Ferrari and independent director Stefano Domenicali both supported the offer. Chief executive Alberto Galassi abstained. Ferrari has said he intends to tender his entire 4.63 per cent stake, but wishes to remain on the board.
KKCG has maintained that its offer is final, noting that Hong Kong takeover rules prevent any increase in price or extension of the deadline.
The deadline for accepting KKCG Maritime’s offer is 16 April 2026. Nominations for new board members are due the following day, ahead of the 15 May annual meeting.
News of KKCG’s proposal comes after a Milan prosecutor requested the dismissal of a criminal case linked to alleged corporate spying at Ferretti Group last month, citing insufficient evidence.
The case stemmed from a 2024 incident in which hidden listening devices were discovered at Ferretti’s Milan offices. Bloomberg previously reported that the bugs were discovered in offices used by Chinese executives during that period.
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