Del Vecchio, 31 years old, is seeking to buy the shares of his brothers Luca and Paola Del Vecchio in Delfin, which together amount to 25%, in a deal estimated at about 10 billion euros, which will raise his stake to 37.5% and make him the largest shareholder in the Luxembourg-based holding company.
In an open letter published on the website of the newspaper “Qutidiano Nazionale”, which he owns, Del Vecchio accused the “Delphin” board of directors of not providing clear explanations about its change in position on the deal, days before a crucial shareholders’ meeting scheduled for June 30.
He wrote: “The issue is no longer a financial issue, but rather a governance issue,” wondering why objections arose after shareholders voted in favor of key elements of the deal, and after statements that described the restructuring as a step that enhances stability.
This move reflects the escalation of the conflict over control of one of the largest fortunes in Europe, under a complex governance structure established by Leonardo Del Vecchio, the founder of Luxottica, before his death in 2022, with the aim of reducing divisions within the family.
Completion of the deal is still linked to securing financing worth 10 billion euros from UniCredit, BNP Paribas and Credit Agricole, in one of the largest acquisition financing deals sought by an individual in Europe.
Del Vecchio said that the lenders requested additional guarantees regarding future dividend distributions, capital stability, and the long-term strategy of “Delphin,” considering that these demands are legitimate, but he criticized the absence of a unified and transparent position from the Board of Directors.
In parallel, the Chairman of the Board of Directors of Delfin, Francesco Milleri, is studying an alternative option, which requires the holding company to buy back the shares of Luca and Paola Del Vecchio, and then redistribute them to the remaining six heirs, according to what was reported by the newspaper “La Repubblica”.
“Delfin” has a wide presence in the Italian economy, through its stake in “Esilor Luxottica” and its investments in prominent financial institutions, including “Monte dei Paschi di Siena,” “Generali,” and “UniCredit.”
With its net asset value exceeding 40 billion euros, Delfin is an influential player in the Italian economic scene, especially in the banking and financial sector files.
The heirs are expected to meet on June 30 to approve the financial results and dividends, but Del Vecchio believes that the meeting will go beyond numbers.
He said: “The June 30 meeting will not be related to profits, the balance sheet, or completing the deal, but rather it will address a deeper matter: the nature of Delphin and its future.” (Bloomberg)
