Leonardo Maria Del Vecchio Proposes €22 Billion Bid for Delfin Shares

Leonardo Maria Del Vecchio has submitted a 22 billion euro offer to acquire the Delfin shares held by his siblings and other heirs, marking what he described as the most serious proposal of his career. The transaction would elevate his stake in the family holding company from 12.5 percent to 87.5 percent, giving him control over a vast portfolio that includes major holdings in EssilorLuxottica, Assicurazioni Generali, UniCredit, Monte dei Paschi di Siena, and the real estate group Covivio.

The initiative is supported by a preliminary financing package from U.S. banking giant Citigroup, which indicated it is highly confident in organizing up to 22 billion euros in funding. According to details published in Quotidiano Nazionale, Del Vecchio is offering 3.7 billion euros for each of the six targeted shares, excluding his own stake and that of his mother, Nicoletta Zampillo. The plan provides shareholders with two exit options: an immediate cash sale or a structured alternative involving an upfront purchase followed by shares in EssilorLuxottica.

This move comes in response to an unsolicited acquisition bid submitted to the board by Czech billionaire Michal Strnad. By countering with an internal family offer, Leonardo Maria aims to keep the strategically vital assets of the holding company under Italian ownership while resolving lingering disputes over the estate of his late father, Leonardo Del Vecchio, who passed away in June 2022.

Delfin serves as the financial powerhouse of the family, holding a 32.4 percent stake in EssilorLuxottica, 10 percent in Generali, 17.6 percent in Monte dei Paschi di Siena, and 2.7 percent in UniCredit, alongside a 28 percent interest in France's Covivio. Together, these assets generate more than one billion euros annually in dividends, which would be utilized alongside existing reserves to service the massive debt incurred by the acquisition vehicle, LmdvFin2.

Achieving the proposed ownership structure requires reaching the crucial quorum of six out of eight votes, or 75 percent, which would grant the necessary leverage to modify dividend policies and restructure governance. The entrepreneur has invited the other seven shareholders to meet individually or collectively to review the details of the project before the upcoming deadlines.

Whether the transaction moves forward ultimately depends on the willingness of the other heirs to sell their respective shares. While the Citigroup letter provides strong financial credibility, it remains non-binding and subject to formal credit approvals and market conditions. If successful, the agreement would bring a definitive end to years of family litigation and secure the future governance of some of Italy's most prominent financial and industrial assets.