Italy's Ferretti prepares to re-list, watches market

TOKYO Fri May 30, 2008 12:03am EDT

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TOKYO May 30 (Reuters) - Italian luxury yacht maker Ferretti is preparing for a re-listing but has not decided on the timing due to market conditions, its chief executive told Reuters on Friday.

Vincenzo Cannatelli, chief executive of Ferretti Group, said on the sidelines of a luxury goods summit in Tokyo that the group had chosen Merrill Lynch MER.N and Mediobanca (MDBI.MI) as global coordinators and UBS AG (UBSN.VX) as the bookrunner for a potential listing.

A market source said in April the yacht maker could relist its stock on the Milan bourse in the autumn, but Cannatelli said the listing may take place later than that due to market conditions.

Ferretti is 51-percent owned by Candover (CDI.L), the London-based private equity fund that bought Ferretti from Permira [PERM.UL] in 2006. Permira still holds a 9 percent stake. (Reporting by Sophie Hardach)

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