Billionaire Ray-Ban heir, Leonardo Maria Del Vecchio, has proposed a $33 billion (£25 billion) takeover of his family’s investment empire, in a move aimed at securing control of the business.
The 31-year-old nightclub owner outlined his proposal for Luxembourg-based Delfin Sarl in a letter on Monday. The deal is backed by a nearly $25 billion loan from Citigroup, according to Bloomberg and Italian newspaper Corriere della Serra.
He is offering 3.7 billion euros, or about $4 billion, to buy out each of his seven co-owners in Delfin, including his five siblings, half-brother, and mother, Corriere della Serra reported.
The proposed takeover comes amid a bitter family dispute over the future of the business empire following the death of Leonardo Del Vecchio in 2022. He left his fortune divided equally among eight heirs, with each holding a 12.5 per cent stake in Delfin.
The family disagreements have reportedly complicated major business decisions, with Leonardo Maria emerging as an outspoken critic of Delfin chairman and EssilorLuxottica chief executive Francesco Milleri.
His proposal is also seen as an attempt to counter a competing takeover bid from Czech arms billionaire Michal Strnad, who has offered approximately €30 billion to acquire the family holding company.
Leonardo Maria said he would present his proposal to the other shareholders on November 7, as the battle for control of one of Europe’s most powerful family business empires intensifies