The struggles of young Leonardo Maria Del Vecchio. Here’s why the restructuring of Delfin is at a standstill.
The €10 billion closing risks missing the symbolic June 27 deadline. On the table are guarantees, dividends, quorum, buyback, and even the possibility of liquidating the holding company that holds shares in EssilorLuxottica, Generali, and Mps.
Delfin, why do the French BNP Paribas and Crédit Agricole pamper Del Vecchio Jr.?
10 billion agreement with the brothers, 37.5% stake and unchanged governance. Debt drives dividends and strengthens the role of Unicredit, BNP Paribas, and Crédit Agricole, while the holding company remains at the center of the banking reshuffle between MPS, Generali, and Piazza Gae Aulenti.
