A dispute among the eight heirs of Leonardo Del Vecchio has left Delfin, the family holding company, facing a deadlock over control of assets valued at €47.3 billion. The heirs each received an equal stake under the succession plan laid out by the founder, who died in June 2022, but major decisions require 88% of the votes. That threshold means a single dissenting shareholder can block them.
Delfin owns 32.4% of EssilorLuxottica, 17.6% of Monte dei Paschi di Siena, more than 10% of Generali and over 2% of UniCredit, according to the report. It has committed to tendering its MPS shares into Intesa Sanpaolo’s offer, which would leave it with an approximately 4% stake in Intesa. The family’s disagreements have also affected access to the wealth: shares cannot be pledged as collateral without unanimous consent, and dividends are capped at 10% of profits.
The latest proposal came from Leonardo Maria Del Vecchio, who offered to buy out the other shareholders, or most of them. Earlier this year, he agreed to acquire stakes from siblings Luca and Paola for €5 billion each, after they had sought €6.5 billion apiece. The deal collapsed when Delfin’s board declined to provide the financial backing requested by banks. Luca and Paola later sought €500 million in penalties over the failed sale.
Other proposals have added to the dispute. Rocco Basilico has sought to sell part of his stake, while Leonardo Maria wanted to acquire all of it. Rocco also challenged a resolution related to Leonardo Maria’s share purchases and proposed selling all of Delfin’s assets apart from the eyewear business. A separate offer of €30 billion for the whole holding company was made by Czech businessman Michal Strnad.
The heirs are divided over the company’s governance as well as its ownership. Paola, Luca and Rocco have called for the 88% voting requirement to be removed. Meanwhile, the company’s board and its chairman, Francesco Milleri, retain operational control. Clemente, the youngest heir, became Delfin’s largest shareholder after buying shares from Rocco in July, bringing his holding slightly above the 12.5% held by each of the other heirs.
Sources: La Repubblica.