Leonardo Maria Del Vecchio, heir to the Ray-Ban empire, is encountering substantial hurdles in his $10 billion (EUR10 billion) bid to increase his stake in Delfin, the family's investment vehicle. His proposal to buy out two siblings' shares, which would raise his holding from 12.5% to 37.5%, was initially supported by UniCredit, Crédit Agricole, and BNP Paribas. However, BNP Paribas has either withdrawn or become more cautious due to unmet conditions, and lenders are now asking for additional guarantees and a stronger commitment from Delfin itself.
Del Vecchio has publicly criticized Delfin's board for its wavering stance and lack of clear explanation regarding the shifting financing situation. In an open letter, he accused the board of failing to provide a unified and transparent position, noting that some members were willing to proceed while others were not. This division emerged despite an initial shareholder vote in favor of the reorganization, which was described as a source of stability for Delfin.
The current difficulties in securing the necessary bank financing have led Del Vecchio to explore alternative options, including private debt. Reports indicate he is in contact with U.S. fund Apollo Global Management. The urgency is amplified as Del Vecchio had hoped to finalize the deal by the end of June, ahead of a crucial Delfin shareholders' meeting on June 30. The board's caution is attributed to concerns regarding sustainability, risk allocation, and the broader Italian banking crisis affecting loan terms.
Del Vecchio's plan is not only about consolidating his ownership but also about addressing the future of Delfin, which holds significant stakes in major companies like EssilorLuxottica (32.4%), Generali (9.8%), UniCredit, and Mediobanca. The late founder, Leonardo Del Vecchio, divided Delfin equally among his six children, and the current move aims to restructure this ownership. The legal disputes from an inheritance issue with Rocco Basilico and his mother, although provisionally settled, also add a layer of complexity to the ongoing negotiations.
