Key facts
- Leonardo Maria Del Vecchio is attempting to buy out his siblings Luca and Paola from the family holding company Delfin.
- The proposed buyout is valued at approximately €10 billion.
- Completing the purchase would increase Del Vecchio's stake in Delfin to 37.5%.
- Delfin is a major shareholder in EssilorLuxottica, which owns Ray-Ban and Oakley.
- A shareholder vote on the deal is scheduled for June 30.
- Delfin also holds stakes in Italian financial institutions like UniCredit and Assicurazioni Generali.
Leonardo Maria Del Vecchio, an heir to the Ray-Ban fortune, has publicly appealed to his family's holding company, Delfin, to support his €10 billion plan to buy out two of his siblings. The move, detailed in an open letter published by Italian newspaper Quotidiano Nazionale, aims to consolidate his control over the family's assets ahead of a critical shareholder vote on June 30.
Del Vecchio, 31, seeks to acquire the combined 25% stake held by his siblings Luca and Paola in Delfin. If successful, his own stake would rise to 37.5%, making him the largest shareholder and potentially influencing the succession of the family's wealth. He has accused the Delfin board of failing to provide a clear explanation for its shifting stance on the deal.
The proposed buyout is backed by a substantial €10 billion financing arrangement involving UniCredit, BNP Paribas, and Credit Agricole, reportedly one of the largest acquisition loans ever pursued by a private individual in Europe. Del Vecchio stated that banks involved had sought firmer assurances on future dividends and the company's long-term direction, demands he deemed reasonable but which the board had not transparently addressed.
Delfin, with a net asset value exceeding €40 billion, is a significant entity beyond its stake in eyewear giant EssilorLuxottica. It also holds influential positions in major Italian financial institutions, including Banca Monte dei Paschi di Siena, Assicurazioni Generali, and UniCredit, making it a key player in discussions about banking consolidation in Italy.
A rival proposal is reportedly being considered by Delfin chairman Francesco Milleri. This alternative plan would involve Delfin itself buying back Luca and Paola's stakes at the same valuation and distributing them among the six remaining heirs. Del Vecchio has framed the upcoming shareholder meeting as a pivotal moment, stating it will determine "the very nature and future of Delfin."