Overview
- In a letter published on June 19, Leonardo Maria Del Vecchio said he remains willing to complete the planned transfer that would make him Delfin’s main shareholder but will seek answers from the board before proceeding.
- Del Vecchio says a 27 April shareholder vote that largely approved the transfer and a new dividend policy was later undercut when some directors raised fresh cautions, requested indemnities and pushed for higher approval thresholds.
- Big-bank resistance and wider stress in the Italian banking sector forced lenders to seek stronger guarantees about dividends and capital, which lengthened talks over roughly €11 billion of reported financing and brought third-party funds into discussions.
- The dispute has shifted from a family succession issue to a governance fight over who can commit Delfin’s assets and how risk will be allocated, with Del Vecchio arguing Delfin itself could have bought the shares to avoid concentrating power.
- The June 30 assembly will now test whether the board can present a single, transparent position on financing and protections, and its outcome will determine whether the restructuring can move forward or remains blocked.