Italian luxury yacht maker Ferretti has decided to pull its initial stock offeri...
FILE PHOTO: Prospects inspect a Ferretti Riva yacht at the Singapore Yacht Show on Sentosa Island April 25, 2015. REUTERS/Edgar Su/File Photo
MILAN - Italian luxury yacht maker Ferretti has decided to pull its initial stock offering because it is not satisfied with the price at which the books were covered, a source close to the matter said on Thursday.Ferretti had only managed to cover the books at 2 euros per share, the low end of a price range that it had already been forced to cut, a source had told Reuters on Wednesday.
At that price, Ferretti would have been worth 580 million euros after a proposed capital increase, just over half the 1.08 billion euros the company and its shareholders were originally hoping to fetch.
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