Del Vecchio Heirs Strike Provisional Delfin Truce in 10 Billion Euro Dispute
Updated
Updated · Reuters · Jun 4
Del Vecchio Heirs Strike Provisional Delfin Truce in 10 Billion Euro Dispute
3 articles · Updated · Reuters · Jun 4
Summary
Two Del Vecchio heirs have reached a provisional deal to settle their inheritance dispute and drop cross-lawsuits tied to Delfin, though sources said a final agreement still requires more details to be worked out.
The truce would clear a key obstacle to Leonardo Maria Del Vecchio's plan to buy out two siblings after Delfin shareholders in April backed his roughly 10 billion euro proposal.
Leonardo Maria and Rocco Basilico each hold 12.5% of Luxembourg-based Delfin, but Basilico had challenged the validity of the April resolution while Leonardo Maria had disputed Basilico's right to full ownership of his stake.
If completed, the purchase would lift Leonardo Maria's holding to 37.5% in Delfin, the family vehicle that controls 32.4% of EssilorLuxottica and also holds stakes in Monte dei Paschi di Siena and Generali.