MILAN — Leonardo Del Vecchio is now the biggest investor in Italian bank Mediobanca.
The founder and chairman of Italian eyewear giant Luxottica, through his Luxemburg-based holding Delfin, has become the bank’s main shareholder following UniCredit’s sale of its 8.4 percent share capital, equivalent to about 74.5 million existing ordinary shares. The gross proceeds from the sale amount to 785 million euros.
According to financial media reports here, Delfin, which already controlled a 7.5 percent stake in Mediobanca, has acquired a portion of UniCredit’s shares to reach the limit of 10 percent of the institution’s eligible capital. The settlement of UniCredit shares placement will take place on Nov. 11.
After Delfin, the other major stakeholders of Mediobanca are French media entrepreneur Vincent Bolloré, who holds a 6.73 percent stake, as well as New York-based investment company BlackRock and Italian financial firm Mediolanum with stakes of 4.98 and 3.28 percent, respectively.
Delfin, which is the main stakeholder of EssilorLuxottica with 38.4 percent of shares, operates a portfolio of financial and industrial investments valued at 25 billion euros.
EssilorLuxottica was formed through the 46-billion-euro merger of Italian eyewear giant Luxottica, the owner of Ray-Ban and the producer of eyewear under license for names including the Giorgio Armani Group, Bulgari, Burberry, Chanel, Coach, Prada and Versace, and France’s Essilor, billed as the world leader in ophthalmic optics and a key player in visual health.
The agreement was originally signed in January 2017, although the actual merger was delayed by around a year by investigations from competition authorities, and was finalized on Oct. 1, 2018.