Leonardo Maria Del Vecchio proposes 30 billion euro takeover of Delfin

Leonardo Maria Del Vecchio has presented a proposal to the shareholders of Delfin, the family holding company, to gain control of the entity. The offer values the holding company at approximately 30 billion euros, proposing 3.7 billion euros for each 12.5% stake.

Delfin holds strategic interests in EssilorLuxottica, Generali, MPS, and UniCredit. The entrepreneur’s family office, Lmdv Capital, may receive financing of up to 22 billion euros from Citi to support the operation. Payment options include an all-cash deal or a structure where 30% is paid immediately and 70% is settled in EssilorLuxottica shares after 12 to 14 months.

Four heirs, including Rocco Basilico, Luca, Clemente, and Paola Del Vecchio, have reportedly rejected the proposal. This follows a previous rejection of an offer from Czech businessman Michal Strnad. The current valuation of 30 billion euros is noted to be lower than the estimated 40 billion euro value of the holding company’s assets.