Leonardo Maria Del Vecchio declared that his father’s life work must remain an Italian heritage as Czech arms manufacturer Michal Strnad submitted a 30-billion-euro buyout bid for Delfin, the holding company of the Del Vecchio heirs, according to ANSA.
The Delfin Capitalization and Acquisition Stakes
- Michal Strnad offered 30 billion euros for the entirety of Delfin through a letter sent from Prague to Luxembourg on October 20, as reported by Corriere della Sera.
- Leonardo Maria Del Vecchio separately offered 3.5 billion euros to acquire the 12.5% stake held by his half-brother Rocco Basilico, though that proposal was rejected, according to Milano Finanza.
- The holding company controls a 32.4% stake in EssilorLuxottica (EPA: EL) alongside holdings in UniCredit (BIT: UCG), Assicurazioni Generali (BIT: G), Banca Monte dei Paschi di Siena (BIT: BMPS), and Covivio (EPA: COV), representing a total portfolio valued at approximately 40 billion euros.
The 30-Billion-Euro Bid From Prague
The unsolicited takeover bid targets the Luxembourg-based financial safe of the Del Vecchio family. Michal Strnad, head of Czechoslovak Group and a shareholder in Pirelli via Lumina Crown, approached Delfin Chief Executive Officer Romolo Bardin with an offer. According to Domani, certain heirs voiced complaints about being informed late regarding the communication dated October 20.
Strnad stated in his letter that the holding fits his investment strategy of targeting firms positioned at the apex of their value chains with resilient cash flows. The proposal arrives while internal frictions persist among the eight shareholder heirs. Some family members continue to block dividend distributions, maintaining friction over the four-year-old succession of founder Leonardo Del Vecchio.
Internal Family Rejections and Valuation Gap
Leonardo Maria Del Vecchio attempted to buy out his half-brother Rocco Basilico by offering 3.5 billion euros for a 12.5% share of Delfin. The proposed figure incorporated a roughly 33% discount on the net asset value pro-quota, whereas Basilico’s own transfer notice submitted earlier indicated a valuation closer to 4 billion euros.
Compounding the internal deadlock, financing obstacles face Leonardo Maria following his exit from EssilorLuxottica board positions. Having accumulated debt exceeding one billion euros through credit lines with institutions including UniCredit and Crédit Agricole, his capacity to secure fresh capital remains constrained by immobilized dividend flows within Delfin.
| Holding Asset | Delfin Ownership Stake | Market Sector |
|---|---|---|
| EssilorLuxottica | 32.4% | Eyewear and Optical |
| Assicurazioni Generali | 10% | Insurance and Finance |
| Covivio | 28% | Real Estate |
| UniCredit | 2.7% | Banking |
| Banca Monte dei Paschi di Siena | 2.7% | Banking |
Institutional Resistance and Future Governance
Leonardo Maria Del Vecchio emphasized the strategic importance of the family’s assets, declaring that EssilorLuxottica functions as a singular global Italian champion and cannot be managed as an ordinary asset. He maintained that core holdings must remain transparent and serve Italian institutions and savers.
Minority factions comprising Luca, Clemente, and Paola Del Vecchio continue their opposition within the holding. With capital transfers and asset restructuring frozen pending legal timelines extending toward March, the board must manage external acquisition pressure from Strnad alongside internal disputes over the valuation of family stakes.
Additional Details on Rejections and Past Negotiations
In spring, Lmdv had already attempted to purchase a 25% stake in Delfin that partners Luca and Paola had agreed to sell for 10 billion euros, but the transaction collapsed due to the Delfin board of directors refusing to guarantee to the banks the repurchase of 37.5% at the 10-billion-euro price. The advances made by his attorneys toward partner Rocco Basilico concluded without a single response, as reported by sources close to the dossier. Almost concurrently with the hypothesis of an offer to acquire Il Fatto Quotidiano, which had already been rejected by the sender, it became known that Lmdv had received another refusal. Strnad’s letter also mentions prospective stakes in Intesa Sanpaolo among large Italian financial institutions.
