Ray-Ban heir rejects $3.9bn offer for stake in family firm

Ray-Ban heir Rocco Basilico rebuffed a €3.5 billion ($3.9 billion) offer for his 12.5% stake in Delfin Sarl, the family investment company behind EssilorLuxottica SA, people familiar with the matter said.

The bid was tabled by Rocco’s stepbrother, Leonardo Maria del Vecchio, the people said, asking not to be named because they aren’t authorised to speak publicly. Delfin’s public holdings have a market value of over €40 billion, including nearly one-third of the world’s biggest eyewear company.

The offer marks the latest attempt by Leonardo Maria, the namesake son of EssilorLuxottica founder Leonardo Del Vecchio, to increase his stake in the family holding. He left the eyewear company earlier this year after a failed effort buy out two other Del Vecchio siblings, and has since become an outspoken critic of Chairman and Chief Executive Officer Francesco Milleri, who also chairs Delfin.

The younger Del Vecchio and Milleri were allies before Delfin’s board declined to backstop Leonardo Maria’s €10 billion proposal to purchase a combined 25% stake in Delfin from siblings Luca and Paola. Each of Leonardo Del Vecchio’s eight heirs inherited 12.5% of Delfin, though major decisions were left with Milleri and other managers.

In addition to the EssilorLuxottica stake, Luxembourg-based Delfin has significant investments in Italian financial institutions, including Banca Monte dei Paschi di Siena SpA and Assicurazioni Generali SpA.

Leonardo Maria has stepped up his criticisms of Milleri in recent weeks, while asking for peace within his quarreling family. In an interview to Italy’s RTL 102.5 radio aired on Tuesday, the 31-year-old billionaire said he told his lawyers to withdraw all legal actions he’d been pursuing against his siblings. “Stop with the brother-against-brother conflict,” he said.

Earlier in October, Rocco Basilico sold for €800,000 a fraction of his 12.5% Delfin stake to Clemente Del Vecchio, the youngest Del Vecchio heir, La Repubblica reported on Wednesday.

Representatives for Rocco Basilico and Leonardo Maria Del Vecchio declined to comment. Delfin declined to comment.

Basilico’s rejection of Leonardo Maria’s offer was reported earlier by Milano Finanza.

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