Leonardo Maria Del Vecchio offers to buy out Delfin shareholders, says financing secured

Leonardo Maria Del Vecchio to Buy Out Delfin Shareholders with Citi Financing

Leonardo Maria Del Vecchio's Acquisition Proposal and Financing Details

Background and Offer to Buy Out Delfin Shareholders

MILAN, Nov 2 (Reuters) - Leonardo Maria Del Vecchio, one of the heirs to the late founder of EssilorLuxottica, has offered to buy out his fellow shareholders in Delfin, the eyewear maker's largest investor, according to a letter published by Italian newspaper QN.

Securing Citi Financing for the Acquisition

He has secured financing of up to €22 billion ($24.6 billion) from Citi to fund the acquisition of the stakes of the other shareholders in the Luxembourg-based family holding company, a person close to the businessman said on Monday.

"It is the most serious proposal I have ever made. I have secured the backing of a leading international bank to finance the transaction," Del Vecchio said in the letter, which was reported by QN, which he controls. He didn't say which bank was involved.

Citi and Delfin declined to comment.

Shareholder Structure and Board Dynamics

Delfin is evenly split among eight shareholders, whose disagreements have left the holding's board with greater scope to call the shots. 

Del Vecchio's goal is to acquire five or six shareholdings in Delfin, the person said.

Context: Competing Bids and Previous Acquisition Attempts

Recent Competing Bid by Michal Strnad

Leonardo Maria Del Vecchio's proposal, which he says is aimed at safeguarding the legacy built by his father, comes after a €30 billion bid for Delfin by Czech businessman Michal Strnad emerged last week.

Earlier Failed Acquisition Attempt

Earlier this year, Del Vecchio failed to acquire the stakes of two other Delfin shareholders in a deal worth around €10 billion, after the banks backing the transaction were unable to secure the guarantees required to provide the financing.

Alternative Acquisition Structures Proposed

 "I have proposed both a total and immediate acquisition of the stakes, as well as alternative structures involving a more gradual purchase over time," he added, saying he intends to present his plan by November 7.

The proposal sent to the other Delfin shareholders currently doesn't include any financial details, according to a person close to the matter.

Delfin's Holdings and Market Value

Delfin is the largest shareholder in Ray-Ban maker EssilorLuxottica, with a 32.4% stake. It also owns a 10% stake in Italian insurer Generali, a 17.5% stake in Italian lender Monte dei Paschi and a small stake in UniCredit, for a combined current market value of around €43 billion.($1 = 0.8948 euros)

(Reporting by Elisa Anzolin, editing by Giulia Segreti and Keith Weir)