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Finance

Italian holding company Delfin explores funding for potential internal stake buyout, sources say

Published by Global Banking & Finance Review

Posted on October 15, 2026

2 min read

· Last updated: October 15, 2026

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Delfin Considers Internal Stake Buyout Amid Del Vecchio Family Disagreement

Internal Stake Buyout Discussions and Family Dispute Overview

Preliminary Talks with Banks

MILAN, Oct 15 (Reuters) - Delfin, the holding company of Italy's Del Vecchio family and top shareholder in EssilorLuxottica, has held preliminary talks with banks to explore financing options for a possible purchase of stakes in Delfin held by one or more shareholders, two people close to the matter said on Thursday.

Family Disagreements and Succession Deadlock

Disagreements among the eight heirs of late EssilorLuxottica founder Leonardo Del Vecchio have left Delfin in a prolonged deadlock, preventing the family from ending a succession dispute and acting cohesively to influence decisions at the holding company.

Early Stage Discussions and Uncertainty

The discussions on taking over stakes are at a very early stage and there is no certainty they will lead to a transaction, the people added.

Delfin declined to comment.

Potential Stake Acquisition Details

Italy's Corriere della Sera reported on Thursday that Delfin was exploring the acquisition of two shareholders' stakes, equivalent to about 25% of the company. It did not identify the two shareholders. Such a deal would reduce the number of heirs holding shares in Delfin from eight to six, leaving each with an interest of roughly 16.5% instead of 12.5%.

Delfin's Asset Value and Holdings

Delfin has a net asset value estimated at around €40 billion ($44.87 billion), with the bulk of it coming from the 32.4% stake in EssilorLuxottica. It also has minority stakes in Italian bank MPS and insurer Assicurazioni Generali among others.

Previous Buyout Attempts and Leadership Dynamics

Leonardo Maria Del Vecchio's Buyout Offer

In the first half of this year, Leonardo Maria Del Vecchio sought to buy out two of his siblings, offering around €10 billion for a combined 25% stake in Delfin, but the deal did not materialise.

EssilorLuxottica CEO's Perspective

At that time, EssilorLuxottica CEO Francesco Milleri, who is also Delfin chair, welcomed a streamlined Delfin ownership structure.

Current Focus on Leonardo Maria Del Vecchio's Stake

Italian daily Il Sole 24 Ore reported on Thursday that discussions were focused on a possible acquisition by Delfin of the 12.5% stake held by Leonardo Maria Del Vecchio, who earlier this week renewed criticism of Chief Executive Francesco Milleri's leadership of EssilorLuxottica.

Additional Information

($1 = 0.8914 euros)

(Reporting by Elvira Pollina and Elisa Anzolin; Editing by Susan Fenton)

Key Takeaways

  • Delfin, the holding company controlled by the Del Vecchio family and majority owner of EssilorLuxottica, is exploring financing options to repurchase stakes from one or more heirs to reduce the number of shareholders and streamline decision‑making (open.online).
  • A previous effort by Leonardo Maria Del Vecchio to buy out Luca and Paola’s combined 25% stake for around €10 billion—raising his own holding to approximately 37.5%—reached preliminary bank discussions but failed to materialize (bloomberg.com).
  • Delfin remains deadlocked due to equal ownership (12.5% each among eight heirs), impairing its ability to take strategic actions despite holding valuable assets including 32% in EssilorLuxottica and stakes in Generali, MPS and UniCredit (archive.vn).

References

Frequently Asked Questions

What is Delfin considering regarding its shareholder structure?
Delfin is exploring financing options to potentially buy out stakes from one or more internal shareholders among the Del Vecchio heirs.
What has caused the deadlock within Delfin?
Disagreements among the eight heirs of Leonardo Del Vecchio have led to a prolonged succession dispute and hindered unified decision-making.
How much of EssilorLuxottica does Delfin own?
Delfin holds a 32.4% stake in EssilorLuxottica, which constitutes the bulk of its net asset value.
How many shareholders could remain if the buyout proceeds?
If the stake buyout proceeds, the number of heirs holding shares in Delfin could be reduced from eight to six.
Has Delfin confirmed a transaction will occur?
No, the discussions are at a very early stage and there is no certainty that a transaction will happen.

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