The Del Vecchio heirs gave the green light to the transfer of two shares of their children Luca and Paola, equal to a total of 25% of the capital, to their half-brother Leonardo Maria, who purchased it through the vehicle LMDV following the exercise of the right of pre-emption on the sale of the same.
The Assembly of the Delfin family finance company, held this morning in Luxembourg, approved by majority the two points on the agenda (the first aimed at guaranteeing a reorganization and greater governability of the finance company; the second concerning the distribution of profits).
Green light from the majority meeting for the transfer of shares
The shareholders’ meeting of the Luxembourg financial company gave the expected green light, with a majority of 6 in favor out of 8, to the sale of the 12.5% shares each held by his children Luca, son of the company Sabina Grossi, and Paola, daughter of his first wife Luciana Nervo.
Opposing the resolution are the two sons Rocco Basilico, half-brother of Leonardo Maria and first son of Nicoletta Zampillo from her first marriage to Paolo Basilico, and Claudio Del Vecchio, son of the first wife of the owner of Luxottica.
10 billion euro operation
As a result of the purchase of the two, Leonardo Maria, fourth son of the company’s founder and currently Chief of Strategy of the EssilorLuxottica group, would hold a relative majority of 37.5% of the capital of Delfin, a financial company that controls not only the luxury giant, but also significant stakes in Montepaschi and Generali.
The individual shares of 12.5% of Delfin are worth 5 billion euros, for a total amount of 10 billion euros, to acquire which Leonar4doi Maria obtained a maxi loan worth 11 billion, committing to pay interest of 400 million euros per year for the next two years.
Green light also given to the profit distribution policy
The Delfin assembly then approved, with a majority of 7 votes in favor out of eight out of 8 – the only one to oppose was Rocco Basilico – the elimination of the current 10% threshold for the distribution of dividends and the distribution of 80% of Delfin’s profits for the three-year period 2025-2027.
