Michal Strnad proposes €30 billion takeover of Delfin holding

Michal Strnad, the Czech entrepreneur leading the defense giant Czechoslovak Group (CSG), has submitted a proposal to acquire the Luxembourg-based holding company Delfin. The offer, valued at approximately €30 billion, represents a 30% discount on the company's estimated net asset value (NAV) of €40 billion.

Strnad’s proposal, which is valid for 30 days, seeks to acquire 100% of the capital but indicates a willingness to accept 62.5% to secure management control. Delfin holds significant strategic stakes, including 32.4% of EssilorLuxottica, 10% of Assicurazioni Generali, 17.6% of Monte dei Paschi di Siena, 2.7% of Unicredit, and 28% of the French real estate group Covivio.

The move has reportedly triggered internal friction among Delfin's shareholders, who comprise the heirs of the late Leonardo Del Vecchio. Some partners have expressed grievances regarding a lack of timely information concerning the October 20 letter sent to CEO Romolo Bardin. The potential acquisition could shift control of these major Italian and European assets from the Del Vecchio family to foreign ownership.