Ferretti, KKCG tender offer closes: 56.8% acceptance, potential stake at 23.4%, focus shifts to governance
The acceptance period for the partial tender offer launched by KKCG Maritime, the holding company linked to Czech entrepreneur Karel Komárek, on Ferretti’s ordinary shares closed today, 13 April 2026.
The final data show a significant level of participation: total acceptances reached 29,611,598 shares, equal to 56.8% of the securities subject to the offer. Of these, more than 13.5 million shares were tendered on the final day, confirming a strong concentration of acceptances in the closing phase.
The offer covered a 15% stake in the share capital. In overall terms, the level of acceptances corresponds to approximately 8.5% of Ferretti’s total capital. Taking into account the stake already held by KKCG, equal to 14.9%, the Czech group’s shareholding would therefore theoretically rise to around 23.4%.
This is an indicative figure that will need to be confirmed in light of any allocation mechanisms предусмотрed by the offer. Should acceptances exceed the maximum number of shares that can be purchased, a pro-rata allocation would apply, with potential effects on the final stake held.
Borsa Italiana also specified that Ferretti shares purchased on the market during the sessions of 9 and 10 April were not tendered into the offer, a technical aspect that affected the final outcome. However, no details were provided regarding the quantities involved or the reasons why these shares were not considered valid for the offer.
The conclusion of the tender offer represents only the first step in a broader process. Attention now turns to the submission of lists for the renewal of the Board of Directors, the moment when the shareholding balances emerging from the offer will begin to translate into governance proposals.
It is within this sequence — from the closing of the offer to the definition of the board lists — that the group’s future will be determined. On one side remains the position of reference shareholder Weichai, on the other that of KKCG, which has significantly strengthened its presence in the capital through the transaction. In between lies the group of institutional investors and private shareholders, whose role may prove decisive in forming an assembly majority.
In this context, the role of CEO Alberto Galassi takes on particular importance. Throughout the offer period, the manager maintained a formally neutral stance, avoiding direct involvement in the confrontation between the Chinese shareholder and the Czech group. However, beyond this formal neutrality, the question of operational leadership remains one of the key elements in defining the new balance.
The transition from the offer phase to the shareholders’ meeting phase therefore marks a shift in perspective: from a predominantly financial dynamic to a fully industrial and strategic one. It will be in the composition of the lists and the subsequent shareholders’ vote that not only governance structures will be defined, but also the operational direction of the group for the coming years.
More than the numerical outcome of the offer, it will therefore be the ability of the various shareholders to translate their weight into an effective governance proposal that will determine the future configuration of one of the leading players in the global yachting industry.
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