Two heirs of Leonardo Del Vecchio have reached a provisional agreement to resolve a succession dispute and withdraw cross-lawsuits that also involved the family holding company Delfin, which owns a 32.4% stake in EssilorLuxottica.

This was reported to Reuters by two sources, one of whom specified that a final agreement has not yet been reached and that several details remain to be finalized.

Leonardo Maria Del Vecchio and Rocco Basilico are both shareholders in Luxembourg-based Delfin. Each holds a 12.5% stake.

A Delfin shareholders' meeting held in April approved by majority a proposal by Leonardo Maria Del Vecchio to acquire the stakes of two other siblings in a 10 billion euro deal, seen as a way to streamline future decision-making within Delfin.

However, Rocco Basilico challenged the validity of the shareholders' resolution before the relevant Luxembourg authorities, a claim that Delfin rejected as unfounded.

Leonardo Maria Del Vecchio had previously contested Rocco Basilico's right to full ownership of his stake.

The withdrawal of the legal actions would facilitate the purchase of the shares by Leonardo Maria Del Vecchio, bringing his stake to 37.5% in the family company, which also controls a 17.5% stake in Monte dei Paschi di Siena and a 10.5% stake in Assicurazioni Generali.

Leonardo Del Vecchio - the founder of the family empire, who passed away in 2022 - divided Delfin equally among his six children, as well as his widow and Basilico, her son from a previous marriage.

The news was initially reported by the Ansa agency.

(Translated by Enrico Sciacovelli, editing by Stefano Bernabei)