La ECB has turned the spotlight on Dolphin, the Luxembourg holding company of the heirs Del Vecchio led by the CEO Francesco Milleri which has not always had idyllic relations with Leonardo's children, each of whom inherited 12,5% of the holding company for a value of 5 billion euros each. Since Delfin is the second largest shareholder of the Monte dei Paschi and the first of Mediobanca, the central bank, before granting authorizations for the takeover of Piazzetta Cuccia, wants to see clearly. If we consider that Leonardo's heirs have not yet found a common line on the payment of taxes related to the inheritance and that Delfin's dividends are consequently frozen, the ECB's caution is understandable.
But another aspect to clarify will also be the willingness or otherwise of the heirs to finance the takeover of Mediobanca, for the share relating to Delfin, if, as is likely, a relaunch becomes necessary to convince the market on the takeover bid.
