Wantong in talks to buy Italian luxury yacht maker

Zhejiang-based aluminum product supplier Wantong Group has inked a deal to buy luxury Italian yacht brand Dalla Pieta, giving a new impetus to yacht business in China.

Millennium Marine, a yacht building company established by Wantong Group in 2008, is giving the final touches to its deal which involves acquiring the Dalla Pieta brand, design drawings and 13 half-finished yachts.

"The total deal value be around 100 million yuan," said Xu Lian, assistant to the board chairman of the group. "We are working out the legal formalities and expect to complete the deal by mid-August this year," she said.