Leonardo Maria Del Vecchio has reached a preliminary agreement with several banks for a 10 billion euro loan aimed at acquiring the stakes held by two of his siblings in the family holding company Delfin, which controls EssilorLuxottica.

The news was reported by two sources close to the matter.

Ownership of Luxembourg-based Delfin, which also holds significant stakes in Generali, Banca Mps, and UniCredit, is split equally among the eight heirs of Ray-Ban founder Leonardo Del Vecchio, who passed away in 2022.

Leonardo Maria Del Vecchio currently owns 12.5% of the company and aims to purchase an additional 25%, tripling his stake to 37.5% in an effort to resolve a succession dispute.

According to the two sources, Leonardo Maria Del Vecchio is working on the financing with UniCredit, Credit Agricole, and BNP Paribas.

However, the funding will only be released following a broader agreement among Delfin shareholders, the sources added.

According to MF, which first reported the news yesterday, the credit line would have a two-year maturity.

Leonardo Maria Del Vecchio's proposal to buy the stakes of Luca and Paola Del Vecchio will be discussed at a Delfin shareholders' meeting scheduled for April 27, according to la Repubblica.

Leonardo Maria Del Vecchio and Delfin declined to comment.

(Translated by Enrico Sciacovelli, edited by Gianluca Semeraro)