Almost four years after the disappearance of Leonardo Del Vecchio, the turning point comes on the inheritance file of the founder of Luxottica. According to the reconstructions of the Sun 24 Hours, Leonardo Maria Del Vecchio has reached aagreement with the brothers Luca and Paola for to acquire their stakes in Delfin, the Luxembourg holding company that holds some of the main financial shares of the empire built by the eyewear boss.
The agreement provides for the transfer to Leonardo Maria of 25% of Delfin overall, currently held by Luca and Paola with 12,5% each. The value of the operation is estimated at around 10 billion euros. With this move, Leonardo Maria Del Vecchio rises to 37,5% of the holding, strengthening its position in the shareholder balance but with a debt exposure that will make one's wrists tremble. This move marks the leap from negotiations to a binding agreement. After months of discussions and a tense process, the restructuring can now enter the implementation phase, but it must always be remembered that Delfin's governance will not change because the unanimous vote of the shareholders is binding.
The understanding It's not just about Delfin's sharesThe second front, equally important, is that of the succession of the founderThe parties have undertaken to follow up on the testamentary provisions, thus laying the foundations for formally closing a dossier that has remained open since the death of Leonardo Del Vecchio. This framework also includes the payment of testamentary legaciesAmong the prominent beneficiaries is Francesco Milleri, currently chairman of Delfin and president and CEO of EssilorLuxottica. Milleri was allocated 1,7 million shares in the Paris-listed group, a package worth more than €300 million at current market prices.
After years of waiting, the implementation of the will should allow archive the last chapter of the founder's legacy, perhaps stabilizing the framework around the holding company and its main assets.
Banks, dividends, and the 10 billion issue
To complete the operation will however require aligning several steps. One of the central points concerns the financing needed by Leonardo Maria Del Vecchio to buy the brothers' shares. According to reconstructions, the operation should be supported by a bank loan of approximately 10 billion euros, which could rise to 11 billion also considering the refinancing of lines already held by the family office Lmdv Capital.
Unicredit, BNP Paribas and Crédit Agricole are among the participants. Visibility on future dividend flows from Delfin will be crucial for banks., which should also be used to repay the debt within two years. A key step for this will be the holding company's shareholders' meeting called to approve the 2025 financial statements and, at the same time, an increase in the distributed share of profits: the dividend should rise from the current 10% to 80%.
READ MORE: Delfin, is Del Vecchio Jr.'s deal sustainable? Three open questions. di F. Locatelli
It's a technical but crucial step. Without a more generous distribution policy, the mega-financing would have shaky foundations. With more substantial dividends, however, Leonardo Maria would have a clearer financial structure to attempt to sustain the acquisition of a 25% stake in Delfin.
A symbolic date to close the circle
Il The agreement is expected to close by June 27, 2026., a day that coincides with the fourth anniversary of Leonardo Del Vecchio's death. This deadline holds strong symbolic significance, as it would conclude a period that began with the founder's passing and continued amidst family negotiations, will issues, and governance restructuring.
