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[BUSINESS] · Czechia, Luxembourg, Italy · 20 sources

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Michal Strnad offers 30 billion euros for Delfin holding

Czech arms industry billionaire Michal Strnad has submitted an unsolicited 30 billion euro cash offer to acquire Delfin Sarl, the Luxembourg-based holding company owned by the heirs of the late Leonardo Del Vecchio. The offer, detailed in a letter dated October 20 to Delfin CEO Romolo Bardin, values the holding at a 30 percent discount compared to its net asset value.

Delfin holds significant strategic stakes in major European companies, including a 32.4 percent interest in the eyewear giant EssilorLuxottica, as well as holdings in Assicurazioni Generali, UniCredit, and Banca Monte dei Paschi di Siena. While Strnad is seeking to acquire the entire company, he indicated a willingness to accept a controlling stake of at least 62.5 percent if some shareholders choose to retain their positions.

The takeover attempt comes amid ongoing legal and management disputes among the eight Del Vecchio heirs, who each hold a 12.5 percent stake. Leonardo Maria Del Vecchio has expressed opposition to the bid, stating that his father’s life work should remain an Italian asset. Any sale of the holding requires the unanimous approval of all eight co-owners.

Entities

CSG · Czechoslovak Group · Delfin Sarl · EssilorLuxottica · Leonardo Del Vecchio · Leonardo Maria Del Vecchio · Michal Strnad · Romolo Bardin

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