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.
