Italy probing whether China-led investors in Ferretti breached 'golden power' rules

Ferretti SpA

27/05/2026 13:22

Italy's golden power rules defend strategic assets
Ferretti feud pitches Czech investor against Chinese group
Its patrol vessel division at heart of probe
By Giuseppe Fonte

    ROME, May 27 (Reuters) - Italy is investigating whether China-led investors in yacht maker Ferretti YACHT.MI breached golden power rules designed to shield strategic assets by not revealing their full shareholding to Italian authorities, three government officials told Reuters.
Czech investor KKCG Maritime this month urged the government to move in the wake of a feud that saw Ferretti shareholders side with China's Weichai Group 000338.SZ to end Alberto Galassi's 12-year tenure as CEO, replacing him with Stassi Anastassov.
Galassi's ousting took place at a May 14 shareholder meeting called to decide whether control of Ferretti should remain with Weichai, its largest shareholder, or shift to a slate of appointees backed by KKCG.
Prime Minister Giorgia Meloni's office is checking whether some investors, acting alone or in concert, have bought Ferretti shares or increased their stakes without informing the authorities as required, the sources said, asking not to be named.
Under Italian legislation, the cabinet office must approve share ownership in any Milan-listed strategic company owning defence or security assets when it crosses thresholds set at 3%, 5%, 10%, 15% and other intervals up to 50%.
Asked to comment, Anastassov told Reuters he was focused on managing the business and relations with Ferretti's partners, adding that he was not involved in matters falling within the board's remit.
Italian business newspaper MF reported before the meeting that Bank of China had reached a stake of around 2% in Ferretti.
The yacht maker disclosed all shareholdings exceeding 5% at the May 14 meeting. The minutes detailing the full shareholder base and the relative stakes will be released by Ferretti at a later stage.
Ferretti controls seven different yacht brands, including Riva and Wally, and also has a small security division producing patrol vessels, which the company has deemed non-core and sought to sell.
KKCG has said the presence of this division brought Ferretti within the scope of Italy's golden power rules.
The sources said that officials at the industry ministry were conducting initial hearings with unspecified parties involved in the case.
Italy often imposes curbs on Chinese investments in its companies on security grounds.
The government last month cut the number of board members China's Sinochem 600500.SS can appoint in tyremaker Pirelli PIRC.MI to avoid U.S. restrictions on the group's business.

 (Reporting by Giuseppe Fonte, editing by Gavin Jones)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))