Ray-Ban heir seeks to block $11.8B family share transfer in billionaire Leonardo Del Vecchio’s business empire
An heir to the late Ray-Ban billionaire Leonardo Del Vecchio’s business empire is contesting a family deal valued at EUR10 billion (US$11.8 billion) that would allow a sibling to triple his stake ownership.
The legal claim was filed by Rocco Basilico, the son of Del Vecchio’s widow, in a Luxembourg court on Friday, regarding the share transfer at Delfin Sarl, the holding company that controls EssilorLuxottica, the world’s biggest eyewear company and maker of Ray-Ban glasses, according to Bloomberg.
Rocco Basilico (L) and Leonardo Maria Del Vecchio attend the Tribeca Festival Awards Night during the 2021 Tribeca Festival at Spring Studios on June 17, 2021 in New York City. Photo by Getty Images via AFP |
The legal challenge stemmed from the fact that Leonardo Maria Del Vecchio, wanted to increase his ownership in Delfin from 12.5% to 37.5% by buying out shares from two siblings, and the family on April 27 approved the sale.
But Basilico now seeks to contest this deal, saying that shareholders applied the wrong threshold to approve the sale, using 75% rather than 88%.
As Basilico holds 12.5% of Delfin’s voting rights and capital, this means his opposition alone would have been sufficient to block the sale had the higher threshold been applied. He is asking the court to declare the April 27 decisions null and void.
Del Vecchio has six children. One of them, Clemente Del Vecchio, 22, is among the world’s five richest billionaires this year, with a net worth of $5.7 billion, according to Forbes.
Comments are closed.