Feretti Group sold
The future of Italy\'s biggest boatbuilder has been secured with the sale of Ferretti Group to China\'s state-owned Shandong Heavy Industry Group-Weichai Group.
The Chinese company, a maker of construction and agricultural machinery, will take a 75% stake in the Italian manufacturer, parent to brands such as Ferretti, Riva, Pershing and Mochi, for €178 million.
The remaining 25% of the company will be split evenly between British taxpayer-owned Royal Bank of Scotland and Strategic Value Partners LLC.
It is understood Ferretti Group will receive €100 million in new equity and see its debt reduced to around €120 million. It is also expected that the company will retain its headquarters and production facilities in Italy.
The deal still has to be cleared by Italian regulators, and is expected to take between three and six months to complete.
Tan Xuguang, chairman of SHIG-Weichai Group, said: \"Developing the yacht business is one of the Group\'s strategic goals for the next five years.
\"Through the acquisition, the Group will co-operate closely with this world-renowned yacht maker, providing Ferretti with new channels to market and capital support as well as other resources with which it can expand more effectively into emerging markets.\"
