Ferretti Group is reportedly facing renewed governance tensions with its largest shareholder, Weichai Group, as the Chinese investor accuses management of sidelining its board representatives and consolidating control at the Italian shipyard. 

According to correspondence cited by Bloomberg, Weichai, which owns a 37.5 per cent stake in Ferretti, has allegedly raised concerns that its directors have been “effectively cut off” from the company’s Forlì headquarters and limited to “sporadic, superficial tasks” in Milan.

The Chinese group’s internal memorandum also points to a recent management reshuffle that, it argues, concentrates decision-making power in the hands of CEO Alberto Galassi.

Weichai first acquired its stake in 2012, later supporting its 2022 Hong Kong IPO and subsequent Milan listing in June 2023. Ferretti reported revenues of around €1.2 billion last year and continues to expand its order book.

The renewed friction comes as dual-listed Ferretti balances its growth ambitions in Asia amid tighter European scrutiny of Chinese investment. The dispute also revives questions about the company’s governance following an investigation into listening devices discovered at its Milan offices in April 2024.

Prosecutors in Milan are still examining the discovery of the devices, which were found in rooms used by Chinese board representatives, including executive director Xu Xinyu. Ferretti filed a formal complaint as the injured party after a counter-surveillance team hired by Xu uncovered the bugs.

That episode, which unfolded shortly after a contentious share buyback proposal in early 2024, appeared to deepen divisions between management and Weichai. The buyback plan, later withdrawn, had prompted debate over whether it might trigger Italy’s “golden power” rules governing foreign investment in strategic industries.

Prime Minister Giorgia Meloni’s government has become increasingly assertive in using these powers, most notably in 2023 to limit China’s Sinochem’s influence over tyre-maker Pirelli. While Weichai has not faced direct intervention from Rome, its position at Ferretti draws some parallels with other Chinese investors operating in Italy’s tightening investment regime.

The outcome of the dispute may offer an early test of how Italy’s “golden power” laws will apply to foreign investors in its manufacturing sector and luxury markets.

Ferretti and Weichai have not responded to requests for comment.

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