Four Delfin shareholders reportedly rebuff Leonardo Maria Del Vecchio’s buyout offer
EL•Four shareholders in Delfin rejected Leonardo Maria Del Vecchio’s offer to buy their stakes, Italian news agencies reported. He has secured financing of up to €22 billion from Citi and aims to acquire five or six shareholdings.
1. Shareholders reject offer
Four of Delfin’s eight shareholders—Clemente Del Vecchio, Rocco Basilico, Luca Del Vecchio and Paola Del Vecchio—said in a letter they were not interested in considering or discussing Leonardo Maria Del Vecchio’s proposed transaction.
2. Financing and holdings
Leonardo Maria Del Vecchio offered to buy out fellow shareholders after securing up to €22 billion in financing from Citi. A person close to him said his goal is to acquire five or six shareholdings. He said the proposal aims to safeguard the legacy built by his father.
3. Delfin’s investments
Delfin is the largest shareholder in EssilorLuxottica, with a 32.4% stake. It also owns 10% of Generali, 17.5% of Monte dei Paschi and a small stake in UniCredit, with its holdings having a combined market value of around €43 billion. The offer follows a €30 billion bid for Delfin by Czech businessman Michal Strnad last week.
