Ferretti (9638 HK): On KKCG's Partial Offer
On 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%.
Ferretti is a dual-primary listing, the first company to be listed on both the Hong Kong and Milan exchanges.
Ferretti’s major shareholder is Shandong SASAC (37.54%). The Italian regulator is running a ruler over the transaction. Comfortably trading through the HK$31.71/share cash terms.
Ferretti is illiquid. Look away now if this is not your thing.
The Trade:
Trading full vs historical metrics and to closest peer (SL IM).
Look to enter closer to terms. This may well get bumped.
This insight is labelled bullish as I’m not bearish (long-term) here.
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