Leonardo Maria Del Vecchio offers to buy his siblings' stakes in Delfin
In an open letter, the heir says he has financing from a major international bank and has invited the other shareholders of the family holding, which controls EssilorLuxottica, to meet by 7 November.
Leonardo Maria Del Vecchio has sent the other shareholders of Delfin, the Del Vecchio family holding company, an offer to buy their stakes, he said in an open letter published on Monday in the newspaper QN, which his group publishes. According to ANSA, he says he has secured the willingness of a leading international bank to finance the deal.
Delfin replied "no comment", ANSA reported. The holding controls EssilorLuxottica and holds stakes in Generali, Monte dei Paschi di Siena (MPS) and UniCredit, according to Teleborsa.
What the offer says
In the letter, reported in full by Affaritaliani, Del Vecchio says he has proposed both an immediate purchase of all stakes and other forms of acquisition spread over time, leaving each shareholder free to choose. He calls it the most serious proposal he has ever made.
He says the vehicle that would acquire the stakes would have strengthened governance rules fixed in a binding statute, and that two people with long managerial, financial and legal experience would sit on the board alongside him, with binding opinions on the most important financial decisions. He has invited the other shareholders to meet, together or individually, by 7 November to present the plan in detail.
Del Vecchio did not disclose a price in the letter. ANSA reported, based on its own information, that the offer covers the six stakes of his siblings and is worth €22 billion, and that the financing bank is Citi. These details have not been confirmed by Del Vecchio or Delfin.
A change of tone
In the letter, Del Vecchio acknowledges past mistakes in the dispute over Delfin, including in his tone, and says he has instructed his lawyers to drop legal actions he had brought against some family members. He says he has chosen to reduce conflict and reopen dialogue, and that his advisers speak daily with those of the other shareholders.
Why now: outside interest
The offer follows reports of outside interest in Delfin. According to Il Sole 24 Ore, citing the newspaper Domani, Czech investor Michal Strnad sent Delfin's chief executive Romolo Bardin a bid for the entire holding worth around €30 billion. Delfin declined to comment. Strnad told Teleborsa that he does not comment on specific matters, but said Italy offers interesting long-term opportunities and that his defence group CSG remains his top priority.
Teleborsa reported that any acceptance of an offer for the whole holding would require the unanimous agreement of the eight shareholders. In his letter, Del Vecchio says the family situation has attracted outside interest, which he calls legitimate, but argues that Delfin's future should be decided by those who know its history.
Why Delfin matters
Delfin was built by Leonardo Del Vecchio, the founder of Luxottica, who died in 2022. Its holdings make it one of the most important shareholders in Italian finance. Who controls it affects governance at EssilorLuxottica and at key Italian financial groups, at a time of heavy consolidation in Italian banking, including the recent Monte dei Paschi shareholder decision on a defence plan.
What it means for European founders and investors
Succession is a governance risk. Delfin shows how ownership disputes after a founder dies can create uncertainty for listed companies and their investors. Founders building family businesses should plan succession and shareholder agreements early.
Bank-financed buyouts of holdings. If an international bank finances a deal of this size, it shows that lenders are willing to fund large ownership changes in European holding companies.
Watch Italian finance. Any change of control at Delfin could affect stakes in Generali, MPS and UniCredit, which matters for investors in European financial stocks.
What happens next
The key date is 7 November, the deadline Del Vecchio proposed for a meeting with the other shareholders. Neither Delfin nor the other heirs had publicly responded to the offer at the time of writing.
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