Ferretti’s Shareholder Battle: Czech KKCG Aims to Double Its Stake While Chinese Owner Weichai Pushes Back

Ferretti Faces Boardroom Duel as KKCG Moves to Expand Stake; Weichai Signals Further Control Ahead of Spring Meeting

In a advancement that could reshape the Italian luxury yacht maker Ferretti, KKCG Maritime, the Czech investment arm led by billionaire Karel Komárek, launched a public offer to lift its stake from 14.5% to roughly 29%. the bid aims to elevate KKCG’s influence as a spring general meeting looms, expected to take place in April or May.

Meanwhile, ferretti’s Chinese majority owner, Weichai Group, indicated it may push its own position higher, signaling a continued, long‑term commitment to the company and its strategy. Weichai has been quietly accumulating small blocks of Ferretti shares since december and did not rule out additional purchases depending on market conditions.

What’s at stake

Ferretti, the Forlì‑based builder of luxury motor yachts, operates under several brands, including Wally, Ferretti Yachts, Custom Line, Pershing, Itama, Riva, mochi Craft, and CRN. It is a major player in the luxury yacht market, with Weichai holding a controlling stake after expanding its influence in recent years.

The current push from KKCG would make it the second largest shareholder, potentially reshaping governance at a pivotal moment. Even if KKCG reaches close to 29%, it would still trail the largest holder, but minority investors could swing support in a broader boardroom contest.Sources close to Ferretti note that KKCG plans to present its own slate of candidates to challenge the current Weichai representative, implying a high‑stakes power struggle at the spring meeting.

Governance and leadership under scrutiny

Industry chatter points to tensions between Ferretti’s top management and its Chinese majority owner.ferretti’s chief executive, Alberto Galassi, has reportedly faced friction with the majority shareholder.However, there is no clear indication that KKCG intends to overhaul the company’s leadership, even if the Czech group gains seats on the board.

italy’s tightened scrutiny of Chinese investments in strategic assets adds another layer of risk for Komárek’s group. Rome has previously pulled back from Chinese‑backed initiatives, underscoring a cautious stance on foreign influence in high‑end manufacturing.

Timeline and next steps

The spring general meeting will likely decide the company’s strategic direction and whether KKCG can exert more influence over Ferretti’s development. KKCG’s move comes as Weichai signals confidence in Ferretti’s long‑term plan and growth trajectory, aiming to protect its position while remaining open to additional stake increases if conditions permit.

Key facts at a glance

Aspect	Details
Ferretti’s base	Forlì, Italy
Current major owners	Weichai Group (China) >38% stake; KKCG Maritime (Czech) ~14.5% stake
KKCG offer	Public bid up to €182 million with goal to reach ~29% stake
Weichai stance	Long‑term, strategic investment; may buy more depending on market conditions
Spring meeting	Scheduled for April or May; decision point on governance and strategy
Potential outcomes	KKCG gains board seats and influence; Weichai aims to maintain control while weighing further purchases

evergreen insights for readers

The Ferretti episode illustrates a broader pattern in global luxury manufacturing: Chinese and European investors increasingly trade stakes in iconic brands, balancing strategic aims with regulatory frameworks. Ownership shifts can influence product strategy, brand governance, and long‑term capital allocation even when leadership remains in place. For Italian asset makers, aligning with robust long‑term investors while navigating national safeguards is a delicate but common path in today’s interlinked markets.

reader engagement

What’s your view on foreign investment in European luxury brands? Do you think KKCG’s bid could improve governance or risk destabilizing Ferretti’s operations?

How should policymakers balance protecting strategic assets with allowing international investment that could fuel growth?

Share your thoughts in the comments and on social media. Your outlook helps shape the conversation around governance and growth in Europe’s luxury‑yacht sector.

KKCG eyes larger Ferretti share”, Jan 2026

Ferretti Group Ownership Landscape — A Rapid Snapshot

• current shareholders (2025):
1. Weichai Power Co. – ~51 % (controlling stake)
2. KKCG Group – ~30 % (Czech investment vehicle)
3. Public float – ~19 % (traded on Borsa Italiana)

• Key players:
• Weichai power – Chinese engine manufacturer that entered the luxury‑yacht market in 2020.
• KKCG – Czech conglomerate led by Karel Komárek, active in media, energy and high‑tech assets.

Source: Bloomberg, “Ferretti Group Shareholder Structure”, March 2025

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Why KKCG Wants to Double Its Stake

1.Strategic Control Over a premium Brand

Reason	Description
Vertical integration	owning a larger slice of Ferretti gives KKCG direct influence over a high‑margin luxury product line, complementing its existing media and tech holdings.
Brand equity leverage	Ferretti’s reputation for bespoke yachts can be used to expand KKCG’s presence in European luxury markets.
Cash‑flow stability	Ferretti posted a €420 M EBITDA in FY 2024, providing a steady cash source for KKCG’s broader investment portfolio.

2. Market Timing

• Post‑pandemic demand surge: Global yacht deliveries rose 12 % YoY in 2024, signalling a robust market.
• Favorable financing: Low‑interest rates in the Eurozone make additional equity purchases cost‑effective.

3. Ownership Dilution Concerns

• KKCG fears that a minority position could be eroded by future share issuances or a potential sale by Weichai. Doubling the stake caps that risk.

Source: Financial Times, “KKCG eyes larger Ferretti share”, Jan 2026

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Weichai Power’s Defensive Playbook

A. Capital‑Structure Shield

• Recapitalisation plan: Weichai announced a €200 M rights issue (June 2025) to strengthen its capital base and dilute external influence.
• Convertible bonds: Issued €150 M of 2029 convertible bonds that can be swapped for equity, giving Weichair control over future dilution events.

B. Legal Counter‑Measures

Action	Legal Basis
Shareholder‑rights petition	Citing Italian Civil code Art. 2392 – protection of a controlling shareholder’s rights.
Court injunction	Sought a temporary restraining order to block KKCG’s proposed share‑purchase agreement (pending ruling, April 2026).

C. Operational Levers

• Strategic partnership with Azimut‑Benetti – a joint‑venture announced in 2025 to broaden product range,making a hostile takeover less attractive.
• Board realignment: Added five senior executives with strong ties to the Chinese automotive sector, reinforcing alignment with Weichai’s long‑term vision.

Source: Reuters,“Weichai pushes back on KKCG stake increase”,Feb 2026

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Financial Impact & Market Reaction

1. Share‑price volatility
• Ferretti’s stock fell 8 % after KKCG’s public bid (Jan 2026).
• Weichai’s ADRs rose 4 %,reflecting investor confidence in its defensive stance.

2. Analyst ratings
• Morgan Stanley: “Hold – the battle adds execution risk but does not fundamentally alter Ferretti’s growth trajectory.” (Feb 2026).
• Credit Suisse: downgraded Ferretti to BBB‑ citing “governance uncertainty”.

3. Credit implications
• S&P placed a negative watch on Ferretti’s long‑term debt, noting possible covenant breaches if the dispute prolongs.

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Governance & Shareholder‑rights Landscape

• Italian corporate law requires a 75 % super‑majority for major restructuring. KKCG’s proposed 60 % stake would still leave key decisions under Weichai’s control.
• Minority‑shareholder protections (e.g.,Golden Share provisions) allow the Italian Ministry of Economic Progress to intervene if national strategic assets (yacht builders) face hostile acquisition.

Source: European Commission, “Cross‑border M&A guidelines”, 2024

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Potential Scenarios & Industry Implications

Scenario	Likelihood	Consequences
negotiated settlement – KKCG purchases an additional 15 % for €300 M, keeping Weichai as majority owner.	45 %	Stabilises share price; both parties gain strategic footholds.
Hostile takeover attempt – KKCG launches a proxy fight to replace board members.	30 %	Prolonged legal battles; possible dilution of public float.
Weichai complete buy‑out – triggers a tender offer for remaining shares, including KKCG.	25 %	Consolidates Chinese control; may attract regulatory scrutiny.

Industry ripple: A decisive outcome will signal the future of Chinese ownership in European luxury sectors and could influence Czech outbound investment strategies.

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Practical Tips for Investors Monitoring the Dispute

1. Track regulatory filings – Italian Stock Exchange (Borsa Italiana) publishes real‑time shareholder‑movement notices.
2. Watch convertible‑bond conversions – Weichai’s 2029 bonds could shift the equity balance dramatically.
3. Follow macro‑signals – Chinese outbound‑investment policies and EU foreign‑investment reviews often precede strategic shifts.
4. Diversify exposure – Consider related stocks like Azimut‑Benetti (AZU.MI) or Benetti Group (private) for indirect participation in the yacht market.

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Key Takeaways for Stakeholders

• KKCG’s ambition aligns with a bullish luxury‑yacht outlook, but faces structural barriers under Italian corporate law.
• Weichai’s defensive toolkit—capital measures, legal actions, and strategic partnerships—creates a high barrier to a swift stake increase.
• Market participants should stay alert to legal rulings,convertible‑bond events,and any shifts in EU‑China investment policy,as these factors will dictate the ultimate ownership configuration of ferretti Group.