Photo: Giorgio Trovato / Unsplash (archive photo)
Leonardo Maria Del Vecchio has offered to buy out fellow shareholders in Delfin, the family holding company that owns 32.4% of Ray-Ban maker EssilorLuxottica, with financing of up to €22 billion reportedly available from Citi.
The financing figure was supplied by a person close to the businessman in a Reuters report published Monday. It is not an announced purchase price. The proposal sent to shareholders contains no financial details, another person close to the matter told Reuters, and neither an agreed buyout nor acceptance by the other owners was reported.
Citi and Delfin declined to comment, Reuters said.
A proposal for the family’s holding company
Del Vecchio set out his offer in a letter published by Italian newspaper QN, which he controls. He said a leading international bank had agreed to back the transaction, without naming the bank in the letter.
He proposed both an immediate acquisition of stakes and alternative structures that would allow purchases over time, Reuters reported. He intends to present his plan by November 7.
Delfin is divided among eight shareholders. The person close to Del Vecchio said his goal was to acquire five or six shareholdings. That leaves the eventual scope, price and structure unresolved.
The proposal concerns ownership of Delfin rather than a direct offer to buy all shares of EssilorLuxottica. Delfin is the eyewear group’s largest shareholder, giving the family holding a significant position in the company behind Ray-Ban.
A fresh attempt after an earlier financing setback
Earlier this year, Del Vecchio failed to acquire two other shareholders’ stakes in a transaction valued at about €10 billion after its backing banks could not obtain the guarantees needed for financing, according to Reuters.
The renewed approach follows the emergence last week of a €30 billion bid for Delfin by Czech businessman Michal Strnad. That is a separate proposal and should not be confused with the financing capacity cited for Del Vecchio’s new plan.
Delfin also holds positions in Italian insurer Generali, lender Monte dei Paschi and UniCredit. Reuters put the combined current market value of its listed holdings at about €43 billion. That portfolio value is different from a negotiated price for the holding company’s shares.
Until terms are presented and shareholders respond, the latest development remains an offer backed by a financing claim, not a completed transfer of control.
JBizNews Desk | Milan
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
