In the absence of Leonardino Del Vecchio, the long-awaited assembly of Dolphin, the Luxembourg safe of the Del Vecchio family which holds the controlling stake in the Italian-French multinational Essilor Luxottica and significant financial participations ranging from Generali a Ps e Unicredit, unanimously approved the 2025 budget, which was the highlight of the Luxembourg meeting. The budget shows a net profit of €1,5 billion, due primarily to dividends from Generali and the banks, despite the slowdown at EssilorLuxottica, which has lost approximately 50% on the stock market since November. For now, therefore, there has been no heated argument between Leonardo Del Vecchio's heirs, but no further agreement has been reached for the simple reason—and here's the twist of the day—that Leonardino Del Vecchio, disappointed by the failure of his proposal to reorganize the holding company and purchase the shares of his siblings Luca and Paola, did not show up. Nor did his legal representative. Leonardino justified his absence with a letter accusing the Delfin board of being "inert" and of not having received the necessary accounting documentation. The budget was therefore approved by the other seven shareholders, including Rocco Basil that Leonardino clumsily wanted to exclude.
The meeting did not increase the dividend distribution to 80%, as Leonardino had requested, and did not approve the sale of Luca and Paola's shares to Leonardino himself, who then suffered another defeat because the meeting approved two auditors but not his representative Talarico.
The crucial issues surrounding Delfin's future remain unresolved, and the divisions between Del Vecchio's heirs and between them and the board of directors remain unchanged.
