Leonardo Maria Del Vecchio, 31, has hit a financing wall in his €10 billion bid to buy his siblings’ 25% stake in Delfin, the Luxembourg holding of the Luxottica empire. He asked the board for a patronage letter to back loans from UniCredit and others, but a majority rejected the request, leaving the deal without sufficient security.

Lenders now demand extra guarantees because Essilor Luxottica shares have slumped more than a third since the plan’s inception, eroding the collateral value of Delfin’s main asset. Del Vecchio proposed that, if he defaults, Delfin buy back his enlarged holding at a 33% discount, a clause intended to reassure banks, while he also scouts private‑credit sources.

The stalled transaction keeps Del Vecchio at a 12.5% stake, far short of the 37.5% control needed to dominate the €55 billion family group. Other heirs, including half‑brother Rocco Basilico, are pushing a shareholder‑buyback plan that could fund exits by selling Italian financial assets. The board’s refusal therefore preserves the current power balance and stalls any immediate reshaping of Delfin.

Without board backing, Del Vecchio must rely on alternative financing, but the limited collateral and internal family disputes make any large‑scale loan risky. Investors watch closely as the outcome will affect control of Essilor Luxottica and its holdings in Generali, UniCredit and Monte dei Paschi, potentially shifting the governance of one of Europe’s biggest conglomerates.