MILAN, May 29 (Reuters) - Italian yacht maker Ferretti said its main shareholder, China's Weichai Group, would sell up to 28.75% of the group's share capital as it joins the Milan Stock Exchange as part of a dual listing.
Ferretti, which floated on the Hong Kong Stock Exchange last year, aims to proceed with the offering of existing shares as soon as it gets the authorities' approvals and subject to market conditions, it said on Monday.
Chinese conglomerate Weichai Group, through Ferretti International Holding S.p.A., currently has a 63.75% stake in the yacht maker, whose brands include Riva, Pershing and Wally.
"While Asia remains strategic... the listing would enable the company to expand its investor base in some of the regions, such as Europe, Middle East and Americas, representing the main markets of the group," Ferretti said in a statement.
The shares stood at HK$23.30 on Monday, a little ahead of the offer price of HK$22.88 from March 2022. The company is now valued at around HK$7.9 billion ($1 billion).
The Italian government is currently reviewing the influence of leading Chinese shareholder Sinochem on the tyre maker Pirelli under "Golden Power" rules to protect strategic assets.
In the Ferretti offering Goldman Sachs International, J.P. Morgan and UniCredit will act as joint global coordinators and joint bookrunners. Equita and Berenberg will act as joint bookrunners. ($1 = 7.8489 Hong Kong dollars) (Reporting by Elisa Anzolin Editing by Keith Weir)
