The government is increasingly involved in the Ferretti case. Within the naval engineering group, one of the leaders in the production of luxury yachts in the world, a silent battle is being fought for control of the board of directors. Potentially, the issue involves national security and the activation of golden power due to the Ferretti “Security & Defense” division, which also supplies high-speed patrol boats with integrated technology to the navy, carabinieri, coast guard and police. The Chinese partners of Weichai – now the main shareholder – are moving on the shares, aiming for control of the board of directors and who in the last few hours have acquired greater influence thanks to Bank of China, one of the most important Chinese state banks, leaders for foreign investments. The second shareholder, the Czech fund KKCG, wrote to the government mentioning “concerns regarding compliance with current regulations”, including those on golden power.
Bank of China pressing on Ferretti
Kkcg Maritime, Ferretti’s partner which aims to overturn the governance of shipyards, has written to the Government, notifying its concerns “regarding compliance with the regulations” of the Golden Power after the rumors about purchases that increase the influence of the Chinese front. According to Mf, Bank of China acquired 1.989% and the Swiss AdTech Advanced Technologies (founded by a former Weichai Power advisor) increased its stake to 2.8 percent. The movements on the shares all remained below 3%, the threshold that triggers the obligation to communicate to Consob.
THE DOSSIER – Carabinieri yachts and patrol boats towards China: the war for Ferretti’s “Made in Italy” involves the Government
Kkcg Maritime hypothesizes “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 defense” and formally notified these concerns to the Italian Government as early as 11 May. Kkcg Maritime “confirms its position as a responsible shareholder, committed to ensuring transparent governance and contributing to the development and growth of Ferretti” we read in a note. The shareholders’ meeting called to appoint the new members of the board is scheduled for Thursday 14 May.