Speculations seem to confirm the irritation of the Chinese state-owned giants towards the increasing scrutiny by the Italian government. A similar situation occurred last year with tyre manufacturer Pirelli
Something is changing. On August 29th, Ferretti Group will unveil its half-yearly report. This occasion will mark the final board meeting for Tan Xuguang, the outgoing chairman, as he resigned from the Chinese state-owned giant Weichai, the group’s principal shareholder in the yacht sector since 2012.
- Yesterday, the Italian daily La Verità published excerpts from a Weichai note suggesting both an eagerness to divest its shares and escalating tensions with CEO Alberto Galassi, who has opposed any such possibility.
- With a new chairman of the board and the majority shareholder’s intention to explore an exit, Ferretti could be facing turbulent times, the note reads. It remains uncertain whether Ferretti will stay under Chinese control.
A step back. Earlier this year, as reported by our sister website Formiche.net, the Italian Prime Minister’s Office initiated a review under Golden Power regulations.
- The Golden Power Committee requested clarifications regarding a board resolution related to a buy-back plan.
- Following the initiation of the investigation, the board of Ferretti Group decided to cancel its previous decision. It is believed that fears of possible restrictions prompted this reversal.
The decision… – or at least the threat – to exit Ferretti Group seems to confirm the irritation of the Chinese state-owned giant Weichai towards the increasing scrutiny by the Italian government of Chinese activities.
- A similar situation occurred last year with Pirelli, where the government intervened to limit the influence of the Chinese shareholder Sinochem, which owns 37 per cent of the tyre manufacturer.
