Shandong Heavy buys Italian luxury yacht maker

China's Shandong Heavy Industry-Weichai pays €374 million for a controlling interest in luxury yacht maker Ferretti.
<div style="text-align: left;">
Ferretti's top-of-the-range Altura 840
</div>
<div style="text-align: left;"> Ferretti's top-of-the-range Altura 840 </div>

China’s hunger for acquisitions abroad continues unabated. Yesterday, Shandong Heavy Industry-Weichai announced it was buying a controlling interest in the world’s biggest luxury yacht maker, Italy’s Ferretti.

That a Chinese company would step up to the plate and help the struggling luxury yacht maker makes sense wealthy Chinese are the target market these days. “China is one of the most rapidly developing countries for the yachting sector and has great potential for the coming five to 10 years,” noted Norberto Ferretti, chairman of Ferretti.

The heavy equipment maker agreed to pay 374 million $477 million for control of debt-laden Ferretti. The deal includes an equity investment of...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222