Ferretti International Holding (FIH), the controlling shareholder of Italian luxury yacht manufacturer Ferretti, does not intend to support the plan of investment group KKCG, owned by billionaire Karel Komárek, to increase its stake in the company. FIH announced this in a press release issued today.
KKCG’s offer to increase its stake
KKCG Maritime, which is part of the KKCG group, announced on Monday that it has decided to submit an offer to purchase up to 52.1 million Ferretti shares at a price of EUR 3.5 per share. The maximum total value of the offer therefore amounts to approximately EUR 182.5 million (CZK 4.4 billion).
Through this offer, KKCG Maritime aims to increase its stake in Ferretti to 29.9 percent from the current 14.5 percent.
Position of the controlling shareholder
In today’s press release, FIH stated that it does not intend to accept the offer. It added that it believes in Ferretti’s long-term strategy and growth prospects. It also emphasized that it views its stake in Ferretti as a long-term and strategic investment.
KKCG Maritime stated on Monday that the offer confirms its intention to play a more active role in supporting the further growth and development of Ferretti. It noted that the offer is not intended to result in the delisting of Ferretti shares from the stock exchange and that its stake in the company will not exceed the 30 percent threshold, meaning that there will be no obligation to launch a takeover bid for the entire company.
Source: ČTK
