April 16, 2019 / 10:57 AM / 9 days ago

Ferretti CEO says Chinese owner aims to cut stake through IPO

MILAN, April 16 (Reuters) - Ferretti's Chinese owner is planning to list the Italian luxury yacht maker as a way of reducing its stake though a timetable for the deal has still not been set, the chief executive said on Tuesday.

Sources said last week Chinese conglomerate Weichai Group had lined up Barclays, BNP Paribas and UBS as global coordinators for a share sale.

Alberto Galassi told reporters no formal process for the listing had yet been launched, adding he did not see it happening before year end.

. (Reporting by Francesca Landini, writing by Stephen Jewkes)

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