Italy's Ferretti shareholders approve IPO plans

MILAN, June 19 (Reuters) - Italian luxury yacht maker Ferretti said on Thursday that shareholders had approved plans for an initial public offering of the company's shares.

CEO Vincenzo Cannatelli said last month that Ferretti planned to re-list its shares once the market recovered.

Mediobanca (MDBI.MI) and Merrill Lynch MER.N will act as joint global coordinators for the offer, with Citi (C.N)and UBS (UBSN.VX) as joint bookrunners, Ferretti said in a statement.

Ferretti, which owns the Riva and Pershing yacht brands, is 51 percent owned by Candover (CDI.L), the London-based private equity fund that bought Ferretti from private equity fund Permira [PERM.UL] in 2006. Permira holds a 9 percent stake.

In April, the Financial Times put Ferretti's valuation as high as 3 billion euros ($4.65 billion).

(Reporting by Valentina Za)