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Chinese manufacturing company buys Ferretti Group
2012-01-30
Brief:The Weichai Holding Group Co., Ltd will buy Italian luxury yachtmaker Ferretti Group,gettting into a yacht market.
A manufacturing company from east China's Shandong Province will buy Italian luxury yachtmaker Ferretti Group, according to an agreement the two firms reached on Tuesday in the provincial capital of Jinan.

The Weichai Holding Group Co., Ltd., a subsidiary of Shandong Heavy Industry Co., Ltd., will pay 374 million euros (292.7 million U.S. dollars) for a 75-percent stake in the Ferretti Group, which is restructuring its assets.

The acquisition will also fully optimize Ferretti's capital structure, allowing the company to increase its capital by more than 100 million euros and decrease its debt to about 100 million euros, Tan said.

Driven by robust economic growth and the government's supporting policies, Chinese firms has been on a buying spree during the past year.

Chinese companies made 110 overseas acquisitions last year, a growth of 93 percent from the previous year. The disclosed transaction amount reached 28.099 billion U.S. dollars, up 112.9 percent year-on-year, according to statistics from the Zero2IPO Research Center, a service provider in China's venture capital and private equity industry.

China's overseas investments are likely to grow 20 to 30 percent annually in the next two to three years, an Ernst & Young report said. 

Xinhua News
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