The fracture within the Del Vecchio family is healed. According to sources close to the family, the fourth son of Luxottica founder Leonardo Maria Del Vecchio and his half-brother Rocco Basilico have reached an agreement on the reorganization of Delfin, renouncing the legal actions announced in recent days. The agreement closes one of the most delicate events of Italian family capitalism, restoring peace after four years of family disputes that arose following the death of the owner and the opening of the inheritance.
The 55 billion safe at the center of the risk
The issue concerns the governance of the Luxembourg safe Delfin, which controls 32.4% of EssilorLuxottica and holds significant stakes in Monte dei Paschi di Siena (17.5%), Generali (10%), UniCredit (2.7%) and Covivio (28%), for a total asset estimated at around 55 billion euros. A perimeter that places the holding among the central nodes of Italian financial risk, with direct consequences on Generali, UniCredit and MPS.
The strengthening of the fourth born
At the center of the dispute was the operation to strengthen the fourth child Leonardo Maria Del Vecchio. The operation involves the transfer to Leonardo Maria Del Vecchio of the 25% held by Paola and Luca Del Vecchio, a share that would bring his overall shareholding to 37.5% of the holding’s capital, in exchange for a 10 billion euro loan granted to the vehicle Lmdv Capital to purchase the two brothers’ share.
However, Rocco Basilico’s appeal risked making the operation more complicated. The protests had concerned two key resolutions. The first son of the widow Del Vecchio had challenged before the court of the Grand Duchy the resolutions of the last Delfin meeting on the increase in the dividend and the transfer to Leonardo Maria of the shares of his sister Paola and brother Luca. The meeting had in fact eliminated the historical 10% ceiling in the distribution of profits, paving the way for dividends of up to 80% of Delfin profits for the three-year period 2025-2027, a measure functional to the repayment of the debt contracted by Leonardo Maria.
The procedural obstacle falls: closing expected in June
With the abandonment of disputes, the main procedural obstacle to the closing of the operation disappears. According to what we learn from financial sources, Leonardo Maria Del Vecchio has undertaken to withdraw every case brought forward in Court and his brother Rocco Basilico has done the same. The closing of the entire operation was expected by June 27, 2026, a date which coincides with the fourth anniversary of the founder’s death.
The succession front is still open
There remains an open front regarding the succession plan. The issue relating to the renunciation of usufruct disputed by Nicoletta Zampillo remains in the background, an aspect on which the available information does not currently indicate a definitive solution. An element of continuity on the management level should also be underlined: the operational governance of Delfin and EssilorLuxottica remains firmly in the hands of the managers, with Francesco Milleri president and CEO of both entities, while Delfin’s statute still provides for the unanimity rule for strategic decisions.
