What happened
Rocco Basilico declined a €3.5 billion offer, equivalent to $3.9 billion, for his 12.5% slice of Delfin Sarl, the family's investment holding. The proposal came from his stepbrother, Leonardo Maria del Vecchio, according to people who requested anonymity because they were not authorized to discuss it. Milano Finanza reported the rejection earlier.
In early October, Rocco Basilico completed a €800,000 sale of part of his 12.5% interest in Delfin to Clemente Del Vecchio, the youngest of the Del Vecchio heirs, per La Repubblica. Spokespeople for Basilico and Leonardo Maria del Vecchio said they had no comment. Delfin also declined to comment.
Inside the family power struggle
Each of the eight heirs received 12.5% of Delfin, but key decisions sit with Chairman and CEO Francesco Milleri and other managers. Milleri leads EssilorLuxottica and chairs Delfin.
The most recent proposal marked yet another attempt by Leonardo Maria, founder Leonardo Del Vecchio's namesake son, to increase his position in the holding company. He left the eyewear group earlier this year after an unsuccessful attempt to purchase the stakes of two siblings, and he has since criticized Milleri. The two had been aligned before Delfin's board chose not to backstop Leonardo Maria's €10 billion plan to buy a combined 25% of Delfin from Luca and Paola.
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The public signal and why it matters
Leonardo Maria has amplified his criticism of Milleri in recent weeks while urging a truce in the family dispute. In an interview aired Tuesday on Italy's RTL 102.5, the 31 year old said he had told his lawyers to drop all legal actions against his siblings, adding, "Stop with the brother-against-brother conflict."
For your portfolio, the takeaway is straightforward: governance dynamics at Delfin can influence capital allocation and leadership stability at major holdings, which in turn can shuffle risk and valuation narratives across European eyewear and financials.
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