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Weichai Power's parent firm controls yacht maker Ferretti

Jan. 11, 2012 (China Knowledge) - Shandong Heavy Industry Group Co, parent company of Weichai Power Co Ltd<000338><2338>, one of China's largest manufacturers of diesel engines, yesterday inked a restructuring agreement to acquire a 75% stake in Ferretti SpA, Europe's largest luxury-yacht maker.

Pursuant to the agreement, the heavy equipment maker agreed to pay US$477 million or EUR 374 million, consisting of EUR 178-million equity investment and EUR 196-million debts financing, to take control of debt-laden Ferretti.

The remaining 25% stake in Ferretti will be equally held by The Royal Bank of Scotland Group Plc and Strategic Value Partners.

Citigroup Inc, Houlihan Lokey and ICBC International acted as joint financial advisers to Shandong Heavy Industry Group.

Norberto Ferretti, Chairman of the yacht maker, said China has a large potential yacht market in the coming five to ten years.

Ferretti, which currently owns a total of eight yacht plants in Italy and the U.S., has eight well-known brands, including FERRETTI, RIVA, RERSHING and BERTRAM.

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