MILAN, April 22 (Reuters) - Leonardo Maria Del Vecchio has reached a preliminary agreement with banks for a 10-billion-euro ($11.7 billion) loan to buy out two of his siblings in the family holding
Leonardo Maria Del Vecchio Lines Up €10 Billion Loan to Triple Delfin Stake
Major Financing Move to Reshape Delfin Ownership
MILAN, April 22 (Reuters) - Leonardo Maria Del Vecchio has reached a preliminary agreement with banks for a 10-billion-euro ($11.7 billion) loan to buy out two of his siblings in the family holding that controls EssilorLuxottica, two sources close to the matter said on Wednesday.
Delfin Ownership Structure and Succession
The ownership of the Luxembourg-based family holding Delfin is split equally among the eight heirs of Ray-Ban maker's founder Leonardo Del Vecchio, who died in 2022.
Leonardo Maria Del Vecchio currently owns 12.5% of the company and it is aiming to buy an additional 25%, tripling his overall stake to 37.5%, in an effort to resolve an estate dispute.
Details of the Financing Agreement
Leonardo Maria Del Vecchio is working on the financing with UniCredit, Credit Agricole and BNP Paribas, according to the two sources.
However, the funding will be unlocked only after a larger agreement among Delfin shareholders, the sources added.
Media Reports and Shareholder Meeting
The news was first reported on Tuesday by Italian newspaper MF, which said the credit line would have a maturity of two years.
Italian daily Repubblica reported on Wednesday that Leonardo Maria del Vecchio's proposal to buyout the stakes of Luca and Paola Del Vecchio would be discussed at a Delfin shareholders’ meeting scheduled for April 27.
Comments and Additional Information
Leonardo Maria Del Vecchio and Delfin declined to comment.
($1 = 0.8527 euros)
(Reporting by Elisa Anzolin and Elvira Pollina, editing by Alvise Armellini)
