Leonardo Maria Del Vecchio, the 31-year-old heir to the Ray-Ban billionaire fortune, has launched a $33 billion (£25 billion) takeover proposal aimed at gaining full control of his family’s investment empire, Delfin Sarl.
The Italian businessman and nightclub owner presented his proposal in a letter on Monday, outlining plans to acquire the stakes held by his seven co-owners in the Luxembourg-based investment company. According to Bloomberg and Italian newspaper Corriere della Sera, the deal is backed by a proposed loan of nearly $25 billion from Citigroup.
Under the offer, Leonardo Maria is prepared to pay approximately €3.7 billion, equivalent to about $4 billion, to each of the seven shareholders. The beneficiaries include his five siblings, half-brother and mother, who currently share ownership of the family holding company with him.
The proposed takeover comes amid an increasingly bitter dispute among members of the Del Vecchio family following the death of their patriarch, Leonardo Del Vecchio, in 2022. Before his death, the billionaire divided his fortune equally among his eight heirs, giving each a 12.5 per cent stake in Delfin.
However, disagreements over the management and future direction of the business have reportedly made it difficult for the shareholders to reach consensus on major corporate decisions.
Leonardo Maria has emerged as one of the most vocal critics of the company’s leadership, particularly Delfin chairman and EssilorLuxottica Chief Executive Officer Francesco Milleri.
His latest proposal is also coming at a time when another billionaire is seeking control of the family’s investment empire. Czech businessman Michal Strnad has reportedly submitted a competing offer of approximately €30 billion to acquire Delfin.
Leonardo Maria is expected to formally present his $33 billion proposal to the other shareholders on November 7, as the contest for control of the influential European business group gathers momentum.
Delfin is the holding company of the Del Vecchio family and has significant investments in major businesses, including EssilorLuxottica, the global eyewear manufacturer behind popular brands such as Ray-Ban.
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