{"id":1957918,"date":"2023-06-27T07:29:02","date_gmt":"2023-06-27T11:29:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yacht-maker-ferretti-reverses-course-after-milan-launch\/"},"modified":"2023-06-27T07:30:55","modified_gmt":"2023-06-27T11:30:55","slug":"yacht-maker-ferretti-reverses-course-after-milan-launch","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yacht-maker-ferretti-reverses-course-after-milan-launch\/","title":{"rendered":"Ferretti, yacht maker, changes direction after Milan debut."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyacht-maker-ferretti-reverses-course-after-milan-launch%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1957918&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Elisa Anzolin<\/p>\n<p>MILAN (Reuters) \u2013 Shares in Italian yacht-maker Ferretti reversed course on Tuesday, as it began its listing on the Milan bourse, allowing its main Chinese investor to cut its stake and new European investors to buy in.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Floated in Hong Kong last year, Ferretti priced its offer for the listing in Milan at 3 euros per share, giving the company a valuation of around 1 billion euros ($1.1 billion).<\/p>\n<p>Shares in Ferretti, whose brands include Riva speedboats, were down 1.33% at 2.96 euros at 0920 GMT after earlier rising to a high of 3.14 euros as trading began.<\/p>\n<p>The Ferretti listing in Milan marks the first time a Hong Kong-listed company has added a dual listing in Europe.<\/p>\n<p>Angelo Meda, head of equities at Banor SIM, said the price was aligning with that in Hong Kong. Ferretti shares in Hong Kong rose 2% on Tuesday to HK$25.25, corresponding to 2.95 euros. <\/p>\n<p>Against a backdrop of tension between the West and China, the Italian government this month intervened to limit the sway of Chinese shareholder Sinochem on tyremaker Pirelli.<\/p>\n<p>Ferretti\u2019s main shareholder, Chinese conglomerate Weichai, sold shares accounting for 26.1% of the company capital, generating 265 million euros. The Chinese group, which bought into Ferretti more than a decade ago, owned a 65% stake before the dual listing.<\/p>\n<p>\u201cWeichai firmly supports the development of Ferretti, promoting its growth worldwide and in particular in the Apac (Asia-Pacific) region\u201d, Chairman Tan Xuguang said by video link.<\/p>\n<p>New investors since the launch are Czech billionaire Karel Komarek and Italian media entrepreneur Danilo Iervolino, who bought a total 10% of Ferretti\u2019s share capital.<\/p>\n<p>Ferretti Chief Executive Alberto Galassi told journalists that the additional listing allowed Ferretti to have a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yacht-maker-ferretti-reverses-course-after-milan-launch\/\" title=\"Ferretti, yacht maker, changes direction after Milan debut.\">higher free float<\/a> and added that the group was looking at potential acquisitions. <\/p>\n<p>Christian Basellini, Head of Equity Capital Markets Italy, CE&#038;EE and International at UniCredit predicted other companies listed in Hong Kong might seek a European listing following Ferretti\u2019s example.<\/p>\n<p>Fashion house Prada, has said it is also considering listing shares in Milan in addition to its current berth in Hong Kong.<\/p>\n<p>In Ferretti\u2019s offer Goldman Sachs International, J.P. Morgan and UniCredit acted as joint global coordinators and joint bookrunners, while Equita and Berenberg acted as joint bookrunners.<\/p>\n<\/p>\n<p> (Reporting by Elisa Anzolin, Editing by Keith Weir and Barbara Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/yacht-maker-ferretti-reverses\/attachment\/employee-works-on-a-yacht-at-the-ferrettis-shipyard-in\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>President Trump accepts the Man of the Decade Award from the Oakland County Republican Party.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Michael Seifert<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Larry Elder<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Dan Geltrude<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Foo Yun Chee BRUSSELS (Reuters) -Zalando, Europe\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/futures-edge-higher-ahead-of-economic-data\/\" title=\"Stock futures rise ahead of economic data.\">biggest online fashion retailer<\/a>, on Tuesday sued the European Commission for putting it in\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Promit Mukherjee and Toby Sterling JOHANNESBURG (Reuters) -Dutch-listed technology investor Prosus NV said on Tuesday it would end a cross-holding structure\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Meta Platforms\u2019 WhatsApp Business application is now catering to more than 200 million users on its platform, a four-fold jump\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Josh Ye HONG KONG (Reuters) \u2013 Baidu Inc, China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-minute-with-john-krasinski-and-jack-ryan-cast-on-saying-goodbye-to-show\/\" title=\"John Krasinski and the 'Jack Ryan' cast reflect on bidding farewell to the show.\">leading search engine provider<\/a>, said the latest iteration of its ChatGPT-style service\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Milan bourse, enabling Chinese investor to reduce stake and European investors to enter. After being listed in Hong Kong in 2019, Ferretti set the listing price for its Milan debut.<\/p>\n","protected":false},"author":66,"featured_media":1957919,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1957918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1957918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1957918"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1957918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1957919"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1957918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1957918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1957918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}