Rocco Basilico, an heir to the Ray-Ban fortune, has rejected a €3.5 billion offer for his 12.5% stake in Delfin, the Luxembourg-based investment holding company behind eyewear group EssilorLuxottica, according to people familiar with the matter.
The offer was made by his stepbrother Leonardo Maria del Vecchio, who has been seeking to increase his shareholding in the family business.
Delfin’s publicly listed investments have a market value exceeding €40 billion and include a stake of almost one-third in EssilorLuxottica, the world’s largest eyewear company. The holding also has significant investments in Italian financial institutions, including Banca Monte dei Paschi di Siena and Assicurazioni Generali.
The latest approach comes amid a dispute over control of the family’s wealth following the death of Leonardo Del Vecchio, the founder of Luxottica, in 2022. His eight heirs each inherited 12.5% of Delfin, while major decisions were left largely to the company’s management.
Leonardo Maria, 31, has become increasingly critical of Delfin chairman Francesco Milleri, who also leads EssilorLuxottica. The two were previously allies, but tensions escalated after Delfin’s board declined to support Leonardo Maria’s proposal to buy a combined 25% stake from his siblings Luca and Paola for €10 billion.
Leonardo Maria left EssilorLuxottica earlier this year following an unsuccessful attempt to buy out the two siblings. He has since called for an end to the family dispute, telling Italian radio this week that he had instructed his lawyers to withdraw legal actions against his siblings.
Earlier this month, Rocco Basilico reportedly sold a small portion of his Delfin holding to his half-brother Clemente Del Vecchio for €800,000.
via FT
