Four Delfin shareholders rejected Leonardo Maria Del Vecchio’s buyout offer on November 2, ANSA reported, resisting his attempt to take control of the family holding company. Citi’s potential financing of up to about $24.7 billion was covered by a nonbinding letter, according to Corriere della Sera.
Rocco Basilico and Paola, Clemente and Luca Del Vecchio signed the refusal, according to ANSA. Delfin’s eight owners hold equal stakes, Reuters reported, so the four control half the shares. The private Luxembourg holding company is EssilorLuxottica’s largest shareholder and also owns stakes in Generali, Monte dei Paschi di Siena and UniCredit.
The offer put nearly $4.15 billion on each 12.5% holding, ANSA reported. It allowed an immediate cash sale or a staged transaction, according to QN, the newspaper controlled by Del Vecchio that published his proposal. Figures are in US dollars, converted at November 2, 2026 reference rates.
Under the staged structure, sellers would initially transfer 30% of their stake, with an option over the remaining 70% exercisable in months 12 to 14 and settled in EssilorLuxottica shares, QN reported. The later price would depend on Delfin’s future net asset value less a 30% discount, with no capital guarantee. The arrangement depended on specified shareholder acceptances and an agreement on governance.
QN reported that the acquisition debt would be repaid from cash distributed by Delfin, and that changing its dividend policy required approval from 75% of the capital. The four opponents hold enough shares to block that change.
The same four shareholders had also rejected a bid by Czech industrialist Michal Strnad, according to ANSA. Earlier this year, Del Vecchio tried to buy two shareholders’ stakes for about $11.2 billion, but the deal failed after the banks backing it could not obtain the required guarantees, Reuters reported.