Finance
Del Vecchio Heir Lines up Banks for 10 Billion Euro Loan to Triple Delfin Stake
Published by Global Banking & Finance Review®
Posted on April 22, 2026
2 min readLast updated: April 22, 2026
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Leonardo Maria Del Vecchio has secured a preliminary agreement with UniCredit, Crédit Agricole and BNP Paribas for a €10 billion loan (two‑year maturity) to buy siblings’ 25% stake in family holding Delfin, tripling his ownership to 37.5% and resolving estate disputes.
Leonardo Maria Del Vecchio Lines Up €10 Billion Loan to Triple Delfin Stake
Major Financing Move to Reshape Delfin Ownership
MILAN, April 22 (Reuters) - Leonardo Maria Del Vecchio has reached a preliminary agreement with banks for a 10-billion-euro ($11.7 billion) loan to buy out two of his siblings in the family holding that controls EssilorLuxottica, two sources close to the matter said on Wednesday.
Delfin Ownership Structure and Succession
The ownership of the Luxembourg-based family holding Delfin is split equally among the eight heirs of Ray-Ban maker's founder Leonardo Del Vecchio, who died in 2022.
Leonardo Maria Del Vecchio currently owns 12.5% of the company and it is aiming to buy an additional 25%, tripling his overall stake to 37.5%, in an effort to resolve an estate dispute.
Details of the Financing Agreement
Leonardo Maria Del Vecchio is working on the financing with UniCredit, Credit Agricole and BNP Paribas, according to the two sources.
However, the funding will be unlocked only after a larger agreement among Delfin shareholders, the sources added.
Media Reports and Shareholder Meeting
The news was first reported on Tuesday by Italian newspaper MF, which said the credit line would have a maturity of two years.
Italian daily Repubblica reported on Wednesday that Leonardo Maria del Vecchio's proposal to buyout the stakes of Luca and Paola Del Vecchio would be discussed at a Delfin shareholders’ meeting scheduled for April 27.
Comments and Additional Information
Leonardo Maria Del Vecchio and Delfin declined to comment.
($1 = 0.8527 euros)
(Reporting by Elisa Anzolin and Elvira Pollina, editing by Alvise Armellini)
Key Takeaways
- •Leonardo Maria currently holds 12.5% of Delfin and aims to acquire an additional 25% from Luca and Paola, increasing his stake to 37.5% (forbes.com)
- •Preliminary financing arranged with UniCredit, Crédit Agricole and BNP Paribas, with a two‑year credit line, contingent on an overarching shareholder agreement (corriere.it)
- •The deal would resolve the long‑running succession and governance impasse in the Del Vecchio family, unlocking frozen dividend policies and clarifying steering of Delfin’s assets including EssilorLuxottica and major bank holdings (investing.com)
References
Frequently Asked Questions about Del Vecchio heir lines up banks for 10 billion euro loan to triple Delfin stake
1Who is seeking the 10 billion euro loan?
Leonardo Maria Del Vecchio is seeking the loan to increase his stake in the Delfin holding.
2What is the purpose of the loan?
The loan will be used to buy out two siblings’ shares, tripling Leonardo Maria Del Vecchio's stake in Delfin.
3Which banks are involved in the financing?
UniCredit, Credit Agricole, and BNP Paribas are the banks involved in the loan arrangement.
4What is the current and target Delfin stake for Leonardo Maria Del Vecchio?
He currently owns 12.5% and aims to increase it to 37.5%.
5When will the Delfin shareholders' meeting to discuss the proposal be held?
The meeting is scheduled for April 27.
