Technically it is called "dual listing”. In practice, after the listing in Hong Kong, which took place on March 31st last year, Ferretti prepares to debut a Business Square.
Ferretti towards the return to Piazza Affari
More than a debut, maybe it would be better to talk about a big comeback. The Romagna nautical group, which controls prestigious brands such as Wally, Ferretti Yachts, Pershing, Itama, Riva, Crn and Custom Line, has already been listed on Piazza Affari. Ferretti had in fact made his debut in Milan 23 years ago, in 2000, when he was still under the control of Norberto Ferretti. Two years later came the total takeover bid of the private equity fund Allow and the consequent delisting.
Since then, the company has changed hands several times: in 2009 Permira sold the company to the fund Candover, which in turn three years later ceded it to Weichai Holding. The Chinese manufacturing giant invested in a complex debt restructuring process, to try to improve Ferretti's fortunes after the subprime crisis. In detail, as Radiocor reconstructs, the Chinese group invested 178 million euros in equity and at the same time purchased Ferretti's debt from the Oaktree fund, RBS and Strategic Value Partners. Debt that was converted into equity, pushing Weichai's overall stake to 75 percent stake. At the same time, the Rbs and SVP banks converted the rest of the debt into equity, reaching 25%. Weichai subsequently rounded up his share.
Thus we arrive at 2016, when Ferretti entered the capital Piero Ferrari with 13,6% of the capital, through the family holding company F Investments.
To date, 28% of the capital is listed on the Hong Kong Stock Exchange, Weichai's Chinese hold 64% and Piero Ferrari the remaining 8%.
Ferretti: listing in Milan in the first half of 2023
As expected, next week the Hong Kong Stock Exchange Authority they should give the green light to the dematerialization of securities, fundamental step to achieve the double listing. Immediately afterwards it will be up to Ferrette's board of directors to decide on the IPO in Milan, convening the shareholders' meeting which will have to give the last word on the dossier. If all goes well, the listing in Milan should take place in first half of the 2023.
A pool of global coordinators is working on the dual listing: Unicredit, Goldman Sachs and Jp Morgan.
