Leonardo Maria Del Vecchio, son of the founder of Essilor Luxottica, is reportedly studying an offer for buy shares worth approximately 14 billion euros in the family holding company from two of his brothers, in an attempt to resolve a long-standing inheritance dispute, expressing the desire to exercise the right of pre-emption.
Del Vecchio sent a letter to Dolphin in which he states that he is ready to purchase 12,5% of the shares held by Luca and Paola Del Vecchio, as reported by La Repubblica. The plan includes a discount from current market values, sources told Bloomberg.
The proposal marks the latest attempt to resolve a years-long inheritance dispute following the billionaire's death in 2022. Leonardo DelVecchio, one of the richest men in Italy. The eyewear magnate, with six children from three different relationships, he had divided his estate into eight equal parts and his heirs have not yet been able to agree on a plan for the division of assets.
Leonardo Del Vecchio after having founded Luxottica in 1961, in 2018 it merged with the French lens manufacturer Essilor, creating the largest eyewear company in the world. EssilorLuxottica, with a market value of approximately 111 billion euros, owns the brands Ray-Ban and Oakley, as well as retail chains such as LensCrafters and Sunglass Hut.
Today the EssilorLuxottica shares They shot up on the stock market at the opening, rising by 2%, before reducing their gains to +0,8% at mid-session. Over the last two years, growth has been significant, thanks to partnership with Meta Platforms Inc., which has taken a leading role in the emerging market for artificial intelligence (AI) smart glasses.
With its current 12,5% stake in Delfin, Leonardo Maria, if his proposal is approved, would come to own approximately 37,5% of the family business, also strengthening his position within EssilorLuxottica, where he currently holds the role of Chief Strategy Officer, the only one of the Del Vecchio brothers to be directly involved in the company, 32% owned by Delfin.
Last October, siblings Luca and Paola Del Vecchio asked shareholders to approve the transfer of their stakes to a separate vehicle to make them tradable, the company said. RepublicFive of the eight shareholders supported the request. The brothers therefore asked a Luxembourg court to establish a price for the transfer, citing local law that prohibits lifetime restrictions on leaving a company. Leonardo Maria intends to exercise the right of first refusal, common in family-run businesses, to buy Luca and Paola's share, he reported. Republic.
Delfin is also a major shareholder in the Italian insurance group Generali and Banca Monte dei Paschi di Siena, which recently acquired Mediobanca.
