Ferretti Group responds to KKCG Maritime tender offer

Ferretti Group’s board of directors has formally advised shareholders not to accept the voluntary partial tender offer submitted by KKCG Maritime, citing concerns over valuation and the potential impact on the company’s governance.

In January 2026, KKCG Maritime (part of the Czech investment firm KKCG Group) proposed a €182.5 million offer to acquire up to 52,132,861 shares in Ferretti S.p.A. If completed, the transaction would increase KKCG’s stake from approximately 14.5 percent to just under 30 percent.

However, both the company’s independent financial advisor and a special committee of independent directors concluded that the offer does not represent a fair or attractive proposal for shareholders. According to a response document, one of the primary concerns is that the proposed offer price of €3.50 per share now sits below the company’s current trading price of €3.69 (as of 13 March 2026), raising questions about value as well as potential liquidity and price distortion risks for remaining shareholders.

The board also noted that the structure of the offer could allow KKCG Maritime to gain significant influence over Ferretti’s board composition and strategic direction without offering existing shareholders a full exit opportunity. Additional uncertainty stems from the fact that KKCG Maritime has not yet identified the candidates it intends to nominate for the board’s renewal, nor has it engaged with current directors regarding potential appointments.

KKCG Maritime, which became a shareholder following Ferretti’s listing on Euronext Milan in 2023, has previously stated its intention to play a more active role in the shipyard’s development. At the time of the offer, KKCG founder and chairman Karel Komárek said the proposal reflected a long-term commitment to supporting Ferretti’s growth through active investment and strategic governance.

The proposed transaction was designed to remain below the 30 percent ownership threshold that would trigger a mandatory takeover bid under Italian and Hong Kong regulations, and KKCG indicated it had no intention of pursuing a delisting of Ferretti shares.

By rejecting the proposal, Ferretti’s board is effectively signalling confidence in the company’s independent trajectory. The move follows a strong financial performance in 2025, with the group reporting net revenues of €1.23 billion, representing a five percent increase year over year.