Del Vecchio heirs approve $12 bln buyout of two siblings, source says

• Six of eight heirs approved Leonardo Maria Del Vecchio's bank-financed buyout of siblings Paola and Luca, giving him more than the 12.5% stake each heir currently holds
• Delfin controls major assets including 32.4% of Franco-Italian eyewear group EssilorLuxottica, 10% of insurer Generali, and 17.5% of bank Monte dei Paschi
• Seven heirs also voted to approve distributing 80% of Delfin's profits as dividends over the 2025-2027 period

Summary: Del Vecchio Heirs Approve €10 Billion Family Buyout Deal

The eight heirs of late Luxottica founder Leonardo Del Vecchio have approved a €10 billion ($11.7 billion) proposal that will reshape control of their family holding company, Delfin. Under the agreement, Leonardo Maria Del Vecchio will buy out two siblings—Paola and Luca—through a bank-financed investment vehicle, making him the largest single shareholder in the family empire.

Key Stakeholders:

Currently, each of the eight heirs—including Del Vecchio's six children, his widow, and her son from another marriage—holds a 12.5% stake in Delfin. The buyout proposal passed with six out of eight votes, according to Italian media reports.

Strategic Holdings:

Delfin controls significant stakes in major European corporations:

• 32.4% of Franco-Italian eyewear giant EssilorLuxottica (Ray-Ban's parent company)
• 17.5% of Italy's third-largest bank, Monte dei Paschi
• 10% of Italy's largest insurer, Generali
• A smaller stake in UniCredit

Additional Decision:

Seven of the eight heirs also approved a second proposal to distribute 80% of Delfin's profits as dividends over the 2025-2027 period.

Market Implications:

The consolidation is expected to streamline decision-making at Delfin by reducing the number of stakeholders from eight to seven, with one heir holding a dominant position. This could facilitate faster strategic decisions regarding the holding company's substantial investments across the eyewear, banking, and insurance sectors, potentially impacting corporate governance at EssilorLuxottica and other portfolio companies.