Del Vecchio Heirs Approve $12 Billion Sibling Buyout in Delfin Family Holding
Major Developments in the Delfin Family Holding Structure
Heirs Approve Buyout Proposal
MILAN, April 27 (Reuters) - The eight heirs of late Ray-Ban billionaire Leonardo Del Vecchio have approved a proposal by one of them to buy out two other siblings in a 10 billion euro ($11.7 billion) deal, a source close to the matter said on Monday.
Impact on Delfin's Governance
The accord could make future decisions easier at the family holding company Delfin, which controls the Franco-Italian eyewear group EssilorLuxottica with a 32.4% stake.
Delfin's Investment Portfolio
Delfin is also a major investor in Italy's largest insurer Generali and the country's third-biggest bank Monte dei Paschi, holding 10% and 17.5% stakes respectively, and owns a smaller stake in UniCredit.
Ownership and Shareholding Structure
The eight heirs, who include the six children of the late Luxottica founder, his widow and her son from another marriage, each own 12.5% of Delfin.
Details of the Buyout Agreement
Under the accord, which was earlier reported in Italian media, Leonardo Maria Del Vecchio is set to buy out siblings Paola and Luca through an investment vehicle, having raised bank financing for the move.
He will thus become Delfin's largest single shareholder.
Voting Results and Dividend Proposal
The proposal passed with the votes of six out of the eight heirs, daily Il Sole 24 Ore reported.
The paper also said seven out of the eight heirs voted to approve a second proposal under discussion on Monday: distributing as dividends 80% of Delfin's profits over the 2025-2027 period.
($1 = 0.8518 euros)
(Reporting by Elvira Pollina; Writing by Valentina Za; editing by Gianluca Semeraro and Gavin Jones)
