MILAN (Reuters) -Italian yacht maker Ferretti aims to make an acquisition this year, its chief executive said on Monday, without specifying whether the potential target would be a brand, a yard or another asset.
“We have three different files on the table,” CEO Alberto Galassi told journalists. “2025 will be the year of opportunities,” he added.
The yacht maker, which controls seven different brands including Riva speedboats, had a net cash position of 125 million euros ($135 million) at the end of December, which could be used for M&A, Galassi said.
The executive said that the group was also considering a possible buy-back of shares.
Asked about recurring media speculation over the exit of the group’s top shareholder, Chinese conglomerate Weichai, Galassi said he did not know as the issue was never discussed with them.
Weichai currently holds a 37.5% stake in Ferretti, after it cut its stakes following a dual listing in Milan.
Galassi said he was also unaware of French luxury conglomerate LVMH being interested in becoming a shareholder in the group.
Last year Italian newspaper La Verità reported that the French luxury group was looking at the yacht maker and its Riva brand in particular.
Potential U.S. tariffs on European products would hit the global economy and consumer sentiment in general, but they won’t directly affect the yacht business since boats usually carry other countries’ flags and are bought by non U.S. companies.
($1 = 0.9226 euros)
(Reporting by Elisa Anzolin, writing by Alvise Armellini, editing by Giulia Segreti and Keith Weir)
