Yacht maker’s Italy pivot shows the way for Prada

Ferretti SpA

08/06/2023 02:52

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Yawen Chen
       LONDON, June 8 (Reuters Breakingviews) - A year after
its Hong Kong IPO, the Chinese-owned maker of boats loved by
Hollywood stars is rushing to also list shares in Milan. The
move offers scant valuation upside, but hedges geopolitical
risks. If Ferretti can pull it off, luxury brand Prada will
follow.     
    Full view will be published shortly.
    Follow @ywchen1 on Twitter
    
    CONTEXT NEWS
    Yacht maker Ferretti said on May 28 that its main
shareholder, China’s state-owned conglomerate Weichai Group,
would sell up to 28.75% of the Italian group’s share capital in
a planned listing in Milan.    
    Weichai Group, through Ferretti International Holding SpA,
owns a 63.75% stake in the maker of Riva speedboats.   
    Ferretti, which floated in Hong Kong last year, aims to kick
off the share sale as soon as it gets the authorities’ approvals
and subject to market conditions, according to a filing to the
Hong Kong Stock Exchange.

 (Editing by Lisa Jucca and Oliver Taslic)
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