Asia
Market Chatter: China's Weichai Wards Off KKCG Challenge, Ends Board Clash at Italian Yachtmaker Ferretti
Shareholders in Ferretti voted to retain China-based Weichai Group on its board, defeating Czech investor KKCG's governance bid, Reuters reported Thursday, citing two sources close to the matter.The vote ended CEO Alberto Galassi's 12-year tenure at the Italian yachtmaker after shareholders named new directors, the report said.Even if shareholders voted against KKCG control, the boardroom uncertainty remains as the Czech investor will appeal the vote, according to Reuters.During the annual meeting, KKCG sought to suspend Weichai's voting rights by invoking Italy's "golden power" rules, which allow the Italian government to veto corporate deals deemed to undermine national security, Reuters said.KKCG also sought to postpone the meeting to allow for further checks, but both motions were denied, according to the sources.Weichai counts Weichai Power (HKG:2338, SHE:000338) and Weichai Heavy Machinery (SHE:000880) as its subsidiaries.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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