Del Vecchio Heirs Settle Inheritance Dispute Over Delfin and EssilorLuxottica Stakes
Inheritance Dispute and Settlement Details
Background of the Dispute
MILAN, June 4 (Reuters) - Two heirs of late Ray-Ban billionaire Leonardo Del Vecchio have reached a provisional agreement to settle an inheritance dispute and drop cross-lawsuits that also involved the Delfin family holding, which controls a 32.4% stake in EssilorLuxottica, two sources told Reuters on Thursday.
One of the sources cautioned that a final agreement has not yet been reached and that a number of details still need to be worked out.
Key Shareholders and Stakes
Leonardo Maria Del Vecchio and Rocco Basilico are both shareholders in Luxembourg-based Delfin with a 12.5% stake each.
Shareholder Meeting and Buyout Proposal
A Delfin shareholder meeting in April approved by a majority a proposal by Leonardo Maria Del Vecchio to buy out two other siblings in a 10 billion euro ($11.7 billion) deal, seen as a move towards simplifying future decisions at Delfin.
But Rocco Basilico raised the validity of the shareholders' resolution with the relevant Luxembourg-based authorities, a claim that Delfin rejected as groundless.
Leonardo Maria Del Vecchio had previously challenged Rocco Basilico’s right to full ownership of his stake.
Implications of the Settlement
The dropping of the lawsuits would facilitate Leonardo Maria Del Vecchio’s purchase of the stakes, lifting his holding to 37.5% in the family company, which also controls a 17.5% stake in bank Monte dei Paschi di Siena and a 10.5% stake in insurer Generali.
Family Background and Ownership Structure
Leonardo Del Vecchio - the founder of the family empire, who died in 2022 - divided Delfin equally among his six children, as well as his widow and Basilico, her son from another marriage.
Media Coverage
Italy's Ansa first reported the news.
(Reporting by Elisa Anzolin in MilanEditing by Keith Weir)
