March 6 (Reuters) - Leonardo Maria del Vecchio is nearing a deal to buy out two of his siblings from the family holding company Delfin, which controls EssilorLuxottica, the heir told the Financial
Son of EssilorLuxottica founder nears deal to buy siblings' Delfin stake, FT says
Leonardo Maria del Vecchio's Move to Consolidate Delfin Ownership
March 6 (Reuters) - Leonardo Maria del Vecchio is nearing a deal to buy out two of his siblings from the family holding company Delfin, which controls EssilorLuxottica, the heir told the Financial Times in an interview published on Friday.
Negotiations and Potential Stake Increase
"We are close to agreeing a price," Leonardo Maria del Vecchio told the FT, adding that he was in talks to triple his holding to 37.5%.
Current Ownership Structure
The ownership of Luxembourg-based family holding Delfin is split equally among the eight heirs of Ray-Ban eyewear maker Luxottica's founder Leonardo Del Vecchio, who died in 2022.
Leonardo Maria's Intentions
"I have been very clear I am willing to buy their stakes in order to become Delfin's main shareholder, close the outstanding issues around my father's estate and execute my father's will," Leonardo Maria told the FT.
Challenges and Disagreements Among Heirs
Disagreements among shareholders have prevented the distribution of a dividend above 10% of net profit or any change to the current governance structure.
Deal Structure and Financial Backing
Leonardo Maria told the newspaper that the transaction would be structured as a leveraged buyout backed by a pool of unnamed banks, adding that he would focus on safeguarding EssilorLuxottica and was willing to wait for a court decision or strike a deal with his siblings beforehand.
Building Trust After Disputes
"I don't intend to make a power move . . . I want to build trust after four years of disputes," he said.
Delfin's Broader Holdings
Aside from being the biggest shareholder in EssilorLuxottica, Delfin holds stakes in Covivio, Banca Monte dei Paschi, Generali and UniCredit.
Comments and Reporting
Delfin and EssilorLuxottica did not immediately respond to Reuters' request for comment.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)
