Ferretti has denied reports that negotiations to acquire The Italian Sea Group (TISG) are underway.
The announcement follows press articles reporting it is considering a bid for the full or partial acquisition of TISG.
The Bloomberg publication has cited ‘sources close to the matter’ are discussing a possible approach should TISG – which has been under court protection following revelations of cost overruns in ongoing projects – become available on the market.
Bloomberg reports that Ferretti would consider acquiring all or part of TISG’s assets, however in a statement, Ferretti says no negotiations are underway either with TISG or with its shareholders.
However, the statement from Ferretti adds: “As a leading player in the Italian yachting industry and in line with its external growth strategy, Ferretti continuously evaluates and assesses potential opportunities that may arise in the market.”
Writ of summons
The statement comes just a few weeks after Chinese firm Weichai gained control of Ferretti’s board and appointed former Procter & Gamble executive Stassi Anastassov as CEO, ending CEO Alberto Galassi’s 12-year tenure as head of the shipyard.
Azure, a vehicle of KKCG, has since filed a writ of summons to the Court of Bologna seeking the nullity and/or annulment of the resolutions passed by Ferretti’s shareholders with respect to the appointment of the new board of directors, the number of its members and the appointment of the board of statutory auditors.
Azure is seeking interim relief to suspend the resolutions.
Ferretti has confirmed that operations are continuing and its management remains ‘fully focused on the implementation of its business plan, on serving clients worldwide, and on creating long-term value for all shareholders’.
