China's Weichai wins battle for Ferretti yacht maker
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Chinese group Weichai has taken control of Ferretti, the world's leading yacht maker, after a takeover battle with Czech shareholder KKCG. Shareholders approved Weichai's new board with a 52.3% vote, despite KKCG's appeal to the Italian government to block the takeover. Weichai, which holds a 39.5% stake, previously supported Ferretti financially during its struggles post-2009 financial crisis. Ferretti, known for luxury brands like Riva and Pershing, saw its shares drop 5.2% on the Milan Stock Exchange following the news.
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