KKCG Maritime has launched a voluntary partial public tender offer to increase its stake in Ferretti, positioning itself to take a decisively active role in the boardroom of the Italian yacht builder amid an increasingly contested shareholder structure. In real terms, the move comes amid heightened boardroom strain and geopolitical sensitivity, with Ferretti having been drawn into broader scrutiny of Chinese strategic ownership in Italy following last year’s espionage allegations.

The proposed offer targets up to 52.1 million shares, equivalent to roughly 15.4 per cent of Ferretti’s share capital, raising KKCG Maritime’s holding from 14.5 per cent to 29.9 per cent if fully subscribed. Shares are being offered at €3.50 each, with a maximum consideration of about €182.5 million. China’s Weichai Group remains the largest shareholder, with a stake of slightly above 38 per cent, according to Bloomberg and Reuters.

KKCG Maritime says the offer provides shareholders with an opportunity to monetise part of their investment in a stock it describes as relatively illiquid, meanwhile enabling the group to deepen its long-term commitment to Ferretti. The bid is structured to remain just below the 30 per cent threshold that would trigger a mandatory takeover under Italian and Hong Kong regulations and is not intended to result in a delisting.

The €3.50 per-share price is at a sizable ~21% premium to the 11 Dec 2025 ‘undisturbed’ prices in Milan and Hong Kong, prior to the group’s largest shareholder’s recent stake-building. Following completion of the offer, KKCG Maritime intends to exercise its enhanced voting rights to support the election of its nominees to Ferretti’s board at the next annual general meeting.

“In 2023, I was proud to ring the bell at the Borsa Italiana in Milan for Ferretti Group's debut listing on Euronext” - Karel Komárek via LinkedIn.

“This offer reflects our intention to build on our long-term investment in Ferretti and contribute to its future growth and development,” says Karel Komárek, founder and board chair, KKCG.

“Our track record of value creation is rooted in an active investment approach centred on engaged governance, experienced management teams and long-term strategic commitment. We will leverage our proven expertise to support Ferretti’s organic and inorganic growth opportunities amid current global sector dynamics.”

According to the Bloomberg Billionaires Index, Komárek is worth around $11 billion, with his Prague-based KKCG’s biggest division, Allwyn, operating lotteries in Austria, the Czech Republic, Greece and Italy. It also has interests in oil, gas and information technologies. The Czech national also owns the 84-metre Feadship Obsidian, delivered in 2023.

Obsidian
Image credit: Feadship

The KKCG Maritime subsidiary has been a Ferretti shareholder since the company’s 2023 listing in Milan (following its 2022 Hong Kong listing), with the group positioning itself as a long-term investor. But this latest move sets the stage for a potential proxy contest at Ferretti, where control dynamics have been under scrutiny since Chinese industrial conglomerate Weichai Group lifted its stake above 38 per cent. Weichai has previously clashed with Ferretti’s leadership on issues including capital allocation and a proposed share buyback programme that was ultimately withdrawn.

And as for the elephant in the room: KKCG’s manoeuvre comes at an internationally sensitive moment. Board room tensions intensified last year following allegations that Weichai-appointed representatives had been under surveillance, a dispute that has since drawn political attention in Italy amid broader scrutiny of Chinese asset ownership. Notably, Rome has facilitated talks on Chinese stakes in other flagship Italian industrial groups, including tyre maker Pirelli and China’s Sinochem Group.

KKCG Maritime’s move formalises its transition from a somewhat passive shareholder to the active counterweight within Ferretti’s heated ownership structure. By stopping just short of the mandatory takeover threshold, the group assumes a position that could materially alter the balance of power between the yard’s largest shareholders. Now, the tender offer remains subject to regulatory approvals in Italy and Hong Kong, but its outcome will no doubt shape the tone of Ferretti’s next annual general meeting. And even without crossing the 30 per cent threshold, securing the shares will grant KKCG significant boardroom leverage as international investor rifts deepen.

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