Leonardo Maria Del Vecchio has reached a preliminary accord with lenders on a 10-billion-euro facility to acquire the holdings of two siblings in Delfin, the Luxembourg-registered family holding company that controls EssilorLuxottica, two sources close to the matter said on Wednesday.
The ownership of Delfin is currently divided equally among the eight heirs of the late founder Leonardo Del Vecchio. Leonardo Maria Del Vecchio presently holds 12.5% and is seeking to purchase an additional 25% of the holding, which would raise his total stake to 37.5% - effectively tripling his current ownership - as part of efforts to resolve an estate dispute, the sources said.
According to the two sources, Leonardo Maria Del Vecchio is working on the financing with UniCredit, Credit Agricole and BNP Paribas. The sources emphasized that the credit line will be made available only after shareholders of Delfin reach a broader agreement.
Italian newspaper MF first reported the development on Tuesday, noting that the proposed credit line would carry a maturity of two years. Separately, Italian daily Repubblica reported on Wednesday that Leonardo Maria Del Vecchio's bid to buy the stakes of Luca and Paola Del Vecchio is expected to be discussed at a Delfin shareholders' meeting scheduled for April 27.
Representatives for Leonardo Maria Del Vecchio and Delfin declined to comment on the reports.
($1 = 0.8527 euros)
Context and next steps
The arrangement described by the sources remains preliminary and conditional. Any disbursement from the proposed facility is contingent on a broader alignment among Delfin shareholders, and the planned discussion at the April 27 meeting will be a key procedural step. MF's detail on a two-year maturity gives a timeline for the proposed credit arrangement, according to the reporting cited by the sources.
Market and stakeholder implications
If completed under the terms described by the sources, the transaction would substantially change the internal ownership distribution of Delfin by concentrating a larger share in the hands of a single heir. The reported lender group - UniCredit, Credit Agricole and BNP Paribas - would be providing a sizable short-term facility, according to the matured timeline noted in the reporting.