Italy's Ferretti plans to bring on board a European private investor after abandoning a planned stock market flotation, the yachtmaker's chief executive said on Thursday.
"You'll see, in 2020 a new investor will come on board," Ferretti CEO Alberto Galassi told Reuters by telephone, adding the private investor could take a stake of around 30% and talks had been going on with them for some time. It has been a challenging year for European IPOs, with investor sentiment battered by expectations of an economic slowdown as Brexit and the U.S.-China trade war take their toll.
Galassi said that while the IPO book was covered, meaning there were sufficient investors to buy all the shares on offer, they would not pay a price reflecting Ferretti's value.
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