The public tender offer launched by KKCG Maritime on Ferretti Group is gaining momentum: as of 8 April, acceptances have reached 16,035,119 shares, corresponding to 30.76% of the shares subject to the offer.

This figure must be read within the correct scope: the offer concerns 15% of Ferretti’s share capital, meaning that acceptances so far represent just over 4.6% of the company’s total capital.

This is the key to interpreting the update: the level of acceptances essentially reflects the transfer of the stake held by Piero Ferrari, equal to 4.6%, which has now effectively been delivered into the offer promoted by KKCG Maritime.

This marks an important step, as it formalizes an already anticipated move: Ferrari has decided to tender his entire holding through F Investments.

The jump from the previous 0.7% signals a clear acceleration in the final phase of the offer, although it does not yet allow definitive conclusions to be drawn regarding the overall outcome, with the deadline set for 13 April.

Shareholders’ evaluations have also been influenced by the increase in the offer price from €3.50 to €3.90 per share. In this context, Equita—an investment bank and independent equity research firm—has described the revised price as “an attractive economic opportunity”, while also highlighting the risks associated with the external environment.

Ferrari’s decision is consistent with the nature of his investment, historically characterised as primarily financial. His entry into Ferretti dates back to April 2016, when he acquired a 13.2% stake through a capital increase.

The disposal now contributes to reshaping the shareholder structure. KKCG Maritime, which started from a 14.5% stake, is aiming to move closer to the 30% threshold, strengthening its position ahead of the shareholders’ meeting.

On the other side, the controlling shareholder Weichai retains a solid position with a 39.25% stake, further strengthened in recent weeks to counterbalance KKCG’s advance.

Born in 1969, Karel Komárek is one of the leading Czech entrepreneurs, with a fortune estimated by Forbes at over $10 billion. In recent years, he has developed a direct involvement in the yachting sector, having owned Pershing, Riva and Wally yachts, and is also active in competitive sailing.

In this context, the recent launch of American Racing Challenger Team USA, official challenger for the America’s Cup, is particularly relevant. The project, promoted by Komárek together with Chris Welch, will compete in the 38th edition of the Cup, scheduled for 2027 in the Gulf of Naples, marking the return of a US challenger and confirming Komárek’s growing commitment to high-level sailing.

Beyond the financial dimension, the industrial and strategic role of Piero Ferrari remains an open issue. Since 2013, he has contributed to defining the development lines of the group’s brands through the Product Strategy Committee. According to current indications, this role could continue in the future, potentially also within the Board of Directors.

The situation therefore remains open on multiple fronts. On one side, the final phase of the tender offer; on the other, the definition of governance, with two key dates ahead: 17 April for the presentation of board slates and CEO nomination, and 14 May for the shareholders’ meeting.

The latest data on acceptances marks a significant step—effectively confirming Ferrari’s move—but is not yet decisive in determining the group’s future ownership structure.