Official clearance has been granted by the Italian Government to KKCG Maritime to proceed with its voluntary tender offer for a minority stake in Ferretti. The Italian Presidency of the Council of Ministers granted its authorisation on March 3, regarding the purchase of up to 15.4 per cent of the shipbuilder's share capital.
Issued under Italy's "golden power" legislation, the approval allows the state to monitor transactions involving strategic national assets.
KKCG Maritime noted that the authorisation was granted, "without imposing any condition, undertaking, obligation or requirement," in connection with the share acquisition.
According to the offer document published on March 2, the Prague-based firm intends to purchase 52,132,861 shares in the company. This acquisition represents 15.4 per cent of the subscribed and paid-in share capital of Ferretti.
While the Italian Presidency acknowledged the "strategic significance of Ferretti," it determined that the criteria for exercising special powers were not met regarding the increase in shareholding. This decision satisfies one of the primary conditions for the offer, though the completion of the transaction remains subject to other requirements.