Del Vecchio Faults Delfin Board for Stalled Bank Talks in €10B Deal Bid
Overview of the Stalled Delfin Bank Negotiations
Background of the Negotiations
MILAN, June 19 (Reuters) - Leonardo Maria Del Vecchio on Friday blamed Delfin's board for a stall in negotiations with banks over financing that would have enabled him to become the largest investor in the family holding company.
Delfin’s Role in EssilorLuxottica
Delfin is the top shareholder in Franco-Italian eyewear group EssilorLuxottica.
Details of the €10 Billion Deal
Del Vecchio, 31, had offered to buy out the stakes of two siblings and fellow Delfin shareholders in a 10-billion-euro deal, a move that would have lifted his holding to 37.5%.
Challenges in Securing Financing
The heir of the late EssilorLuxottica founder, Leonardo Del Vecchio, said lenders had recently asked for additional guarantees and were "pressing for a greater commitment from Delfin", but the board was divided.
Public Statement and Shareholder Meeting
He made his comments in a letter to the website of online newspaper Quotidiano Nazionale, which he owns.
"At the next Delfin shareholders' meeting on June 30... I want to understand why the board's caution has emerged" he added.
Delfin Board Leadership
Delfin's board is chaired by EssilorLuxottica CEO Francesco Milleri.
(Reporting by Elisa Anzolin)
