Strnad Offers €30 Billion to Acquire Delfin, EssilorLuxottica’s Largest Shareholder

Key Facts

Czech businessman Michal Strnad has offered €30 billion to acquire Delfin, the Del Vecchio family’s investment company and the largest shareholder in EssilorLuxottica, Reuters reported on October 29, 2026. The proposed deal puts the eyewear company at the center of the investor’s interest, but also includes Delfin’s portfolio of stakes in listed Italian companies. Reuters quoted Strnad’s letter as saying that Delfin “fits perfectly with my investment approach and strategy.” The letter containing the offer is dated October 20, according to a copy published by Il Domani. Delfin has not stated its position on the offer; it declined to comment to Reuters, while a representative for Strnad was unavailable for comment at the time of reporting.

Ansa valued the cash offer at a 30% discount to Delfin’s net asset value. The current market value of Delfin’s stakes in listed companies totals €43 billion, according to Reuters. That puts the offer below the combined market value of those stakes, although the two figures are not directly comparable with a valuation of the company including all its assets and liabilities. The available information did not detail how net asset value was calculated or which valuation components Strnad relied on. Delfin has also not commented on its position regarding the proposed price.

Delfin’s investments include EssilorLuxottica, insurer Generali, and the banks Monte dei Paschi di Siena and UniCredit, according to Reuters. Company data show that Delfin owned 32.26% of EssilorLuxottica’s capital on December 31, 2024, and remained its largest shareholder. The group is associated with the Ray-Ban brand, part of the eyewear business in which Delfin holds a leading stake. A change in ownership of the holding company could therefore bring stakes in the eyewear sector and Italian financial services into a single deal. Reuters valued the combined listed stakes at €43 billion at the time of its report, a figure for those stakes rather than for Delfin as a whole.

EssilorLuxottica’s structure includes a restriction on voting rights: its bylaws set a cap of 31% for any shareholder, according to the company’s 2025 registration document. The document said the cap applied to Delfin, based on the capital structure on December 31, 2025. The restriction provides context for Delfin’s ownership in the company, which stood at 32.26% of its capital at the end of 2024, but concerns voting rights under the bylaws. The available information did not say how any potential deal would address the restriction or whether it would affect voting arrangements. Delfin has not commented on the offer or its potential implications for its stake in the company.

The offer reflects Strnad’s stated interest in long-term investments in companies with strong positions in the value chain and recurring, resilient cash flows, according to his letter as reported by Dow Jones Newswires. Strnad said he was willing to discuss combining the deal with Delfin’s repurchase of stakes from some heirs, the service reported. This proposal adds a negotiating dimension to the cash offer for all the company’s capital, without meaning that a buyback has been agreed. Strnad chairs the board of Czechoslovak Group and has worked at the group since 2011, according to its data. The company says it employs more than 14,000 people in several countries, including Italy, the Czech Republic and the United States.

Strnad bought a 14% stake in Italian tiremaker Pirelli from China’s Sinochem Group during 2026, Reuters reported. That investment provides further context for his interest in Italian industrial assets, alongside his current offer for Delfin. In the discussion over ownership of the family company, Leonardo Maria Del Vecchio said that “the life’s work accomplished by my father must remain part of Italy’s heritage,” according to Reuters. The available information did not say whether the statement was a direct response to Strnad’s offer. Delfin has yet to state its position on the offer, while Reuters was unable to obtain comment from a Strnad representative at the time its report was published.