FYI: October 2002 Page 2
|FYI — October 2002|
|By Brad Dunn|
The Board of Directors of Ferretti agreed to accept a takeover bid launched by two companies, Imp Lux S.a.r.l. and Coci S.p.A. In a statement saying that its financial advisors had approved the deal, the board announced that it had accepted a price of 4.35 euros (roughly the same amount in dollars) per share.
"This positive evaluation is also reinforced by the opinions of the majority of financial analysts," the statement said. "The Board of Directors also said it would launch a plan to strengthen Ferretti's position in the world recreational boat sector over the next five to seven years."
The yacht builder's management is expected to remain largely unchanged, with Norberto Ferretti staying on as the company's chairman. The new ownership has also indicated it will continue many of its current marketing strategies. However, management says that to achieve its goals, the company would launch a new investment program, acquire and merge with other companies, widen its product range, and embark on other operations and deals "aimed at achieving a greater international presence."
The disc delivers tons of information on Carver's boats, products, technology, and key component suppliers. It was designed by the boatbuilder's marketing department and produced by IV Media.
Construction has begun on a new marina at Santa Rosalillita on the Baja Peninsula, which marks the first phase of Mexico's Escalera Nautica, an ambitious $1.9 billion project to build dozens of marinas that will draw American boaters and boost the economies of numerous coastal towns. In fact, the project's goal is to attract up to 76,000 recreational boaters annually to the Baja Peninsula by 2010.
Opponents of the controversial project, however, say that the development of marinas on this scale will not only create significant beach erosion, it will also kill marine life throughout the Sea of Cortez and Pacific coast areas. Moreover, critics say the project's target is absurd, claiming that every boat in California would have to cruise south for developers to attain 76,000 visits a year.
now, it appears the Santa Rosalillita Marina will serve as a litmus test
for the whole Escalera Nautica project. Builders hope to prove that marinas
like it will bring electricity, water, and jobs to underdeveloped communities,
while opponents will wait to measure the environmental consequences the
This article originally appeared in the September 2002 issue of Power & Motoryacht magazine.