Leonardo Maria Del Vecchio, heir to the Ray-Ban eyewear empire and Chief Strategy Officer of EssilorLuxottica, has submitted a dramatic buyout proposal to acquire full control of his family’s holding company, Delfin S.à r.l.. The move comes as a direct defense against an unsolicited €30 billion ($33.6 billion) cash takeover bid for Delfin launched by Czech defense billionaire Michal Strnad.
The 31-year-old nightclub owner outlined his proposal for Luxembourg-based Delfin Sarl in a letter on Monday. The deal is backed by a nearly $25 billion loan from Citigroup, according to Bloomberg and Italian newspaper Corriere della Serra.
To protect his late father’s legacy and keep the multi-billion-dollar Italian crown jewel under family control, 31-year-old Del Vecchio who currently holds a 12.5% stake alongside seven other heirs has proposed buying out his siblings. Backed by a €22 billion ($24.7 billion) credit facility from Citigroup, he offers €3.7 billion to each sibling to consolidate the holding company and restructure its governance.
He is offering € 3.7 billion, or about $4 billion, to buy out each of Delfin's seven co-owners, including his five siblings, half-brother, and mother, Corriere della Sera reported.
The proposed takeover comes amid a bitter family dispute over the future of the business empire following Leonardo Del Vecchio's death in 2022. He left his fortune divided equally among eight heirs, with each holding a 12.5 per cent stake in Delfin.
The family disagreements have reportedly complicated major business decisions, with Leonardo Maria emerging as an outspoken critic of Delfin chairman and EssilorLuxottica chief executive Francesco Milleri.
His proposal is also seen as an attempt to counter a competing takeover bid from Czech arms billionaire Michal Strnad, who has offered approximately €30 billion to acquire the family holding company.
Leonardo Maria said he would present his proposal to the other shareholders on November 7, as the battle for control of one of Europe's most powerful family business empires intensifies.
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