On 9 March, Ferretti International Holding (FIH), the wholly owned subsidiary of China’s Weichai Group and Ferretti’s controlling shareholder, issued a public statement contesting what it described as inaccurate and misleading characterisations of its role at the company. Yesterday, on 12 March, Biglari Holdings disclosed a 3.4 per cent stake in Ferretti, without comment on its intentions. KKCG Maritime’s partial tender offer opens on Monday, 16 March.

“Weichai Group has been a long-term strategic investor in Ferretti Group since 2012, when the Company was on the verge of insolvency with revenues of approximately €300 million and significant losses. Over the course of its shareholding, Weichai Group has made, in aggregate, approximately €470 million in investments in Ferretti Group,” opens the FIH statement. “In 2025, Ferretti Group generated revenues of approximately €1.23 billion and a net profit of approximately €90 million, with a strong order backlog providing multi-year revenue visibility.”

The recent €140 million development of the San Vitale shipyard in Ravenna is offered as the most recent expression of that commitment, a facility now spanning around 100,000 square metres with production capacity some 30 per cent larger than before.

“The suggestion that Weichai Group / FIH has prevented or obstructed the Company from pursuing growth initiatives is factually incorrect and without foundation,” the statement reads. FIH insists it “does not act unilaterally to direct or constrain the Company’s management” and that any characterisation to the contrary “misrepresents the governance structure of a publicly listed company.”

It’s not hard to identify the reasoning behind some of the sharper passages in the statement. On 24 February, speaking on an analyst call after the publication of full-year 2025 results (adjusted EBITDA up 6.7 per cent to €202.8 million, order backlog of €1.72 billion), CEO Alberto Galassi told analysts that 2026 would be a year for acquisitions, citing “incredible opportunities” in the market. “Don’t forget there’s going to be a new board of directors, so the strategy may completely change or remain the same in 2026,” he said at the time.

Reuters separately reported that KKCG’s slate of board nominees would not seek to replace current management. Bloomberg had reported in January, citing people familiar with the matter, that KKCG planned to replace most of the current directors at the spring annual general meeting.

FIH’s final section notes that recent media and analyst coverage had included observations on “the likely outcome of the ongoing voluntary conditional partial offer by KKCG Maritime, on prospective shareholder voting intentions at the forthcoming annual general meeting, and on the anticipated strategic direction of the Company under a reconstituted board.”

Such commentary, it adds, “raises serious questions as to the source and basis of the information relied upon and whether the content of such commentary is appropriate in the context of a regulated offer process.” It’s a complaint as much about the coverage as it is about what feeds it. Anonymous sourcing on board composition and analyst projections on voting intentions carry specific implications under both Italian Consob and Hong Kong SFC rules during a live offer period.

Now, Biglari Holdings has entered the picture. Company founder Sardar Biglari is well known in US investment circles for a particular approach to shareholding. At Steak ’n Shake, he bought a stake in 2007, was refused board seats, launched a public campaign against management that included buying billboard space in Indianapolis, demanding change and by August 2008 had installed himself as chairman and chief executive.  The statement Biglari Holdings issued to Reuters offered little, but its investment in this sector, in this company, at this time, is notable.

Ferretti’s shareholder register entering the offer period: Weichai above 38 per cent, stating it will not support the bid; KKCG Maritime at 14.5 per cent, seeking to reach 29.9 per cent at €3.50 per share; Bader Nasser Al-Kharafi’s BNK Holding at 3 per cent, acquired in January, silent on intentions; Biglari Holdings at 3.4 per cent, disclosed this week, also silent.

The offer opens Monday. Neither Biglari nor Al-Kharafi has indicated their intentions, but their combined 6.4 per cent may prove more consequential than either has yet suggested

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