Hong Kong-listed Ferretti went the extra mile to ensure its shares could finally trade in Europe. The 1 billion euro Italian manufacturer of pricey Riva speedboats, bought by Chinese conglomerate Weichai in 2012, had to pay chunky fees and woo unusual backers to pull off a second listing in Milan. That’s the price to pay to secure a geopolitical hedge.
paid for its Milan market debut in May. Weichai also had to win early backing from a group of anchor investors mainly comprised of European tycoons Danilo Iervolino and Karel Komárek, and an Abu Dhabi fund. They pre-ordered nearly half of the stock sold by Ferretti’s Chinese owner, and are now expected to collectively own 13% of the speedboat maker.
Weichai will still hold on to nearly a third of Ferretti’s shares after its Milan listing. The East-to-West journey looks expensive. But at least CEO Alberto Galassi is reassured the company has less exposure if caught in a showdown between China and the West.
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