China’s Weichai Wins Fight at Luxury Yacht Maker Ferretti

Ferretti SpA’s shareholders approved a board slate proposed by its largest investor, China’s Weichai Group, handing the company a victory in a fight for control of the Italian yacht maker.

The vote is a setback for Czech billionaire Karel Komarek’s KKCG Maritime, which had sought to reshape the board, keep Alberto Galassi as chief executive officer and push Ferretti toward acquisitions, buybacks and expansion of its security-vessels business.