(May 14): Ferretti SpA’s shareholders approved a board slate proposed by its largest investor, China’s Weichai Group, handing the company a victory in a fight for control of the Italian yacht maker.
The vote is a setback for Czech billionaire Karel Komarek’s KKCG Maritime, which had sought to reshape the board, keep Alberto Galassi as chief executive officer and push Ferretti toward acquisitions, buybacks and expansion of its security-vessels business.
More than 52% of votes were cast in favour of the Weichai-backed slate at Ferretti’s annual general meeting Thursday, according to a statement. Shareholders representing about 95% of Ferretti’s capital took part.
Weichai’s slate, opposing Galassi, indicate Stassi Anastassov, a former Duracell executive as its CEO candidate, the statement said.
The result keeps Weichai in the driving seat at a company that has become a test case for Chinese ownership of Italian industrial assets. Ferretti makes yachts under brands including Riva, Wally, Pershing and Custom Line. It also has a small security-vessels division that brings it within the orbit of Italy’s so-called golden-power rules, which allow the government to block foreign investments in strategic sectors.
The vote followed a proxy battle that split Ferretti’s board and shareholders. Weichai owns about 40% of Ferretti, while KKCG Maritime holds 23.2% after a partial tender offer.
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In a statement after the shareholders’ vote, KKCG Maritime contested its validity, citing concerns over the integrity of the process, and warning of alledged concerted action by Weichai-linked investors.
The Czech investor said it had informed the government, Consob and Ferretti of its concerns.
The dispute escalated after Piero Ferrari and Stefano Domenicali resigned from the board of the yacht maker.
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Ferretti enters the new board term with solid financial momentum. The company reported 2025 net revenue from new yachts of €1.23 billion (US$1.44 billion or $1.8 billion).
The governance fight has been building for months.
Bloomberg News previously reported that Ferretti had been caught up in spying claims after surveillance devices were found in company offices. The dispute also followed tension over a withdrawn share buyback plan that briefly triggered scrutiny under the golden-power rules.
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