Ray-Ban heir Rocco Basilico has rejected a €3.5 billion ($3.9 billion) offer for his 12.5% stake in Delfin Sarl, the family investment company behind Essilor Luxottica SA. The bid was made by his stepbrother, Leonardo Maria del Vecchio, in a move to increase his control over the family holding. Delfin’s public holdings are valued at over €40 billion, including nearly one-third of the world’s largest eyewear company.
Leonardo Maria, the son of Essilor Luxottica founder Leonardo Del Vecchio, left the eyewear company earlier this year after a failed attempt to buy out two siblings. He has since become a vocal critic of Chairman and CEO Francesco Milleri, who also chairs Delfin. Each of Del Vecchio’s eight heirs inherited 12.5% of Delfin, though major decisions were left to Milleri and other managers.
In addition to its Essilor Luxottica stake, Delfin has significant investments in Italian financial institutions, including Banca Monte dei Paschi di Siena SpA and Assicurazioni Generali SpA. Leonardo Maria has recently called for peace within the family, withdrawing legal actions against his siblings. Earlier in October, Rocco Basilico sold a fraction of his Delfin stake to Clemente Del Vecchio for €800,000.
Representatives for both parties declined to comment.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing