As Trade Only Today reported earlier in May, Ferretti Group shareholders sided with China’s Weichai Group to win control of the board. Reuters now is reporting that Italy is investigating whether those investors breached Italy’s golden power rules, which are intended to shield strategic assets, by not revealing “their full shareholding to Italian authorities.”
In a May 14 meeting, shareholders voted to side with China’s Weichai Group and replaced 12-year CEO Alberto Galassi with Stassi Anastassov. Two board members resigned in protest.
Reuters reported that Czech investor KKCG Maritime supported a different slate of appointees but was defeated in the shareholder meeting.
Prime Minister Giorgia Meloni’s office is investigating whether some investors, acting alone or in concert, bought Ferretti shares or increased their stakes without informing authorities as required, Reuters reported, citing sources who asked not to be named.
Ferretti controls seven brands and has a security division that produces patrol vessels. Reuters reported that KKCG has said the presence of this division brought Ferretti within the scope of Italy’s golden power rules.
Under Italian legislation, the cabinet office must approve share ownership in any Milan-listed strategic company owning defense or security assets when it crosses thresholds set at 3%, 5%, 10%, 15% and other intervals up to 50%.
The sources said officials at the industry ministry were conducting initial hearings with unspecified parties involved in the case.
Neither Ferretti nor the Italian marine industry trade group Confindustria Nautica have responded to a Trade Only Today request for comment.
