Full Breakdown
Leonardo Maria Del Vecchio Secures €10 Billion Buyout, Becomes Largest Shareholder in EssilorLuxottica
4/27/2026, 9:15:07 PM
Background
Founder Leonardo Del Vecchio died in June 2022, leaving Delfin Sarl split equally among eight heirs – six children, widow Nicoletta Zampillo and her son Rocco Basilico. Delfin holds a 32.4 % stake in EssilorLuxottica. The equal split imposed near-unanimous approval rules, freezing dividends, blocking board changes and leaving €7 billion of reserves unused.
Key Players
Leonardo Maria Del Vecchio – 30-year-old Ray-Ban president, seeks 37.5 % of Delfin after the deal; siblings Luca and Paola – selling 25 % stake; Rocco Basilico – Zampillo’s son, opposes; Francesco Milleri – EssilorLuxottica CEO and Delfin chair; banks – UniCredit, BNP Paribas, Crédit Agricole.
Deal Details
At a 27 April 2026 meeting, a majority of Delfin shareholders approved Leonardo Maria’s purchase of Luca and Paola’s 25 % stake for roughly €10 billion (? $12 billion). The deal raises his Delfin holding to 37.5 %, making him the largest individual shareholder in EssilorLuxottica. Banks are arranging a bridge-loan to fund the transaction.
Timeline
June 2022 – Leonardo Del Vecchio dies; estate split among eight heirs. 2022-2025 – governance stalemate. 27 April 2026 – shareholders approve €10 billion buyout and a plan to distribute 80 % of profits as dividends 2025-2027.
Data Snapshot
Delfin holds 32.4 % of EssilorLuxottica. Leonardo Maria will own 37.5 % of Delfin after the deal. Buyout value: €10 billion (? $12 billion). Delfin cash reserves: €7 billion. Dividend proposal: 80 % of profits (2025-2027). Vote on profit distribution: six of eight heirs (Reuters) vs. seven of eight (outlets).
Implications
Consolidating ownership may end the deadlock, letting Delfin unlock cash and consider selling stakes in Generali, Monte dei Paschi and UniCredit. A clearer shareholder base could accelerate EssilorLuxottica’s AI-enabled medical eyewear push with Meta. The restructuring also enables Delfin to pursue sales of its financial assets, a step family members have signaled interest in.
Official Statements
Leonardo Maria told the Financial Times the €7 billion reserve could fund a special dividend. Francesco Milleri, EssilorLuxottica CEO and Delfin chair, is the key figure overseeing the governance restructuring.
Criticism & Opposition
La Repubblica reports Rocco Basilico opposes the plan, citing control concerns. Critics note the inheritance rules have long limited dividend payouts and board renewal.
Conflicting Reports & Gaps
Reuters reports six of eight heirs voted for profit distribution, while Il Sole 24 Ore and other outlets say seven heirs approved it. All sources agree on a €10 billion buyout, but the dollar equivalents differ – Reuters cites $12 billion, Craincurrency $11.8 billion and Business Times S$14.95 billion. The reliability of the non-Reuters outlets is not independently verified, leaving some uncertainty about the exact consensus and conversion figures.
What’s Next
The 80 % profit-distribution scheme runs 2025-2027, and the banking consortium aims to close the €10 billion financing soon. Observers expect the new share structure to enable further sales of Delfin’s financial assets while EssilorLuxottica expands its AI-driven medical-technology portfolio.
