Introduction#
Leonardo Maria Del Vecchio is taking steps to increase his ownership in Delfin, his family’s holding company, by hiring Citigroup for assistance. This move is part of a strategic plan to solidify his position within the company.
Role of Citigroup#
According to reports, Citigroup will provide advisory services and lead the financing for this transaction. This means they will help Del Vecchio navigate the financial aspects of the deal, ensuring that he can successfully acquire the additional shares he desires.
Proposed Share Acquisition#
Leonardo Maria has proposed to exercise his pre-emptive right, which allows him to buy shares before they are offered to others. He aims to purchase 12.5% stakes from each of his siblings, Luca and Paola. This right is outlined in the bylaws established by the late Leonardo Del Vecchio, the founder of EssilorLuxottica, which is significant for maintaining family control over Delfin.
Potential Outcome#
If Leonardo Maria successfully completes this transaction, he would become the largest shareholder in Delfin, holding a total of 37.5% of the company. This would enhance his influence over the family's business decisions.
Financial Expectations#
In a related development, reports indicate that Luca and Paola are each seeking approximately $7 billion for their 12.5% stakes in Delfin. This valuation reflects the significant financial stakes involved in this family business.