Citi financing reaches €22 billion to back Del Vecchio bid for Delfin stakes
Key Facts
Leonardo Maria Del Vecchio has secured financing from Citi of up to €22 billion to buy stakes from other shareholders in holding company Delfin, according to a source close to him cited by Reuters on November 2, 2026. Del Vecchio is targeting five or six stakes in the company, the same source said. The financing marks a fresh attempt after an earlier bid to buy stakes from two shareholders stalled. The offer sent to shareholders did not disclose financial details, while Del Vecchio said he would present his plan by November 7. Citi and Delfin declined to comment on the financing and the offer.
The letter Del Vecchio sent to shareholders offers more than one way to structure the purchase: he said he had proposed an immediate, full acquisition of the stakes or alternative arrangements allowing them to be bought gradually over time. But the letter included no figures or detailed financial terms for the offer. He described the proposal as "the most serious offer I have ever made," adding that he had secured the support of a "leading international bank" to finance the deal. The financing disclosed by the source close to him reaches €22 billion, but the available information does not specify how much would actually be used or which purchase structure he would adopt. The plan therefore leaves the proposed price and structure to be set out to shareholders by Del Vecchio on the date he specified.
Delfin is equally owned by eight shareholders, making Del Vecchio's bid an effort to buy multiple stakes in the holding company. Delfin owns 32.4% of EssilorLuxottica, its largest holding, according to a Reuters report. Its portfolio also includes a 10% stake in insurer Generali, 17.5% in Banca Monte dei Paschi di Siena, and a small stake in UniCredit. The combined market value cited for these holdings is about €43 billion. Delfin's assets thus span eyewear, insurance and Italian banking, alongside other investments cited in the report.
The new financing follows Del Vecchio's failure, earlier in 2026, to buy stakes from two Delfin shareholders in a deal valued at about €10 billion. Reuters reported that the banks backing the bid were unable at the time to secure the guarantees needed for financing. The financing disclosed by the source this time has a ceiling of €22 billion, while the report did not say whether its terms directly address the earlier obstacle over guarantees. Del Vecchio's bid competes with a €30 billion offer from Czech billionaire Michal Strnad to buy holding company Delfin. That offer differs in scope from buying specific shareholders' stakes, as it is directed at the holding company itself.
In trading on October 30, 2026, EssilorLuxottica shares traded under the ticker ESLOY closed at $102.66, while Citi shares, ticker C, closed at $122.64. These were market closes on that date, before the deadline Del Vecchio set for presenting his plan. The available information included no other price movements linked to the announcement or comparison with earlier closes. The next announced step is to present the plan by November 7, Del Vecchio said. The proposed purchase structure is expected to become clear when he presents it, after his letter referred to an immediate full acquisition or gradual purchases, without financial details.