Sonia Sirletti and Daniele Lepido
Leonardo Maria Del Vecchio, an heir to the Ray-Ban empire built by his late father, publicly challenged his family’s holding company to back his €10 billion ($16.2 billion) buyout of two siblings days before a crucial June 30 shareholder meeting.
In an open letter published on the website of online newspaper Quotidiano Nazionale, which he owns, the 31-year-old accused Delfin Sarl’s board of failing to provide clear explanations for its shifting position on a proposed transaction that would make him the largest shareholder of the Luxembourg-based investment vehicle.
“The issue stopped being financial and became a matter of governance,” Del Vecchio wrote, questioning why concerns about the deal emerged only after shareholders had already voted in favour of key elements of the transaction and following public statements describing the reorganisation as a stabilising move.
His intervention escalates a battle over control of one of Europe’s largest fortunes and highlights the challenges of bringing Del Vecchio’s proposal to the finish line amid the complex governance structure set up by Leonardo Del Vecchio, the Luxottica founder whose empire became EssilorLuxottica SA, prior to his death in 2022. His plan is in part aimed at easing divisions within the family, which has struggled to reach a consensus on major decisions.
Del Vecchio is attempting to buy the combined 25 per cent stakes held by his siblings Luca and Paola in Delfin, a transaction that would lift his ownership to 37.5 per cent and make him by far the largest shareholder, potentially ending years of uncertainty surrounding the succession of the family’s empire.
But the deal hinges on securing a complex €10 billion financing package with UniCredit SpA, BNP Paribas SA and Credit Agricole SA, one of the largest acquisition financings ever sought by an individual in Europe, people familiar with the matter have said.
Del Vecchio said participating lenders had recently sought greater certainty over future dividends, capital stability and Delfin’s long-term strategy as the financing discussions advanced. While those requests are legitimate, Delfin’s board failed to adopt a unified and transparent position on how to address them, he said in the letter.
As questions linger over the financing, Delfin Chairman Francesco Milleri is evaluating an alternative that would see the holding company buy back the stakes being sold by Luca and Paola Del Vecchio, La Repubblica reported Sunday. Delfin would purchase the shares at the previously agreed valuation of about €10 billion and redistribute them among the six remaining heirs. The proposal could be brought to shareholders as early as the June 30 annual meeting, according to the newspaper.
Del Vecchio’s latest comments sharpen questions about governance at Delfin, which controls a large stake in EssilorLuxottica and holds major investments in some of Italy’s most strategically important financial institutions, including Banca Monte dei Paschi di Siena SpA, Assicurazioni Generali SpA and UniCredit.
With a net asset value exceeding €40 billion, Delfin has become an influential player in Italy’s corporate landscape, often finding itself at the centre of discussions surrounding bank consolidation and financial sector deals.
The heirs will meet at the end of the month for the holding’s annual meeting to approve earnings and payouts.
“The June 30 meeting will not be about dividends, the balance sheet or the closing,” Del Vecchio wrote. “It will address something deeper: the very nature and future of Delfin.”
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