Delfin, new tensions between the heirs.

A legal court has determined the value of a 0.4% stake in Delfin, a major financial holding controlled by the Del Vecchio family, setting the price at 149 million euros according to an expert appraisal. This decision marks a significant step in the ongoing process of transferring shares among the heirs of the late founder, Leonardo Del Vecchio. The valuation could serve as a precedent for other shareholders, including Clemente, Paola, Luca, and Leonardo Maria Del Vecchio, who are also considering selling their portions of the company. The move comes amid complex negotiations over the distribution of ownership within the family, which has been under scrutiny due to its substantial influence on Italy’s financial landscape.

The situation surrounding the transfer of shares between the Del Vecchio heirs has become increasingly tense. Rocco Basilico, one of the prominent figures in the family's financial affairs, recently sent a strongly worded letter to other stakeholders, expressing concerns about a “climate of tension” and a “fractured relationship of trust” between shareholders and the board of directors. He suggested that some shareholders might consider divesting their stakes, either to repurchase shares from those who have lost interest in remaining invested or to distribute them among the heirs. However, this proposal was met with resistance from others in the family, particularly those aligned with Leonardo Maria Del Vecchio, who emphasized that no heir would ever sell their shareholding at a discount.

The upcoming shareholder meeting, scheduled to take place in Luxembourg, will address several critical issues related to the management and governance of Delfin. One of the main topics on the agenda is the appointment of independent auditors tasked with overseeing the company’s accounting practices and financial oversight. These auditors will hold their positions until 2030, although their role is primarily observational. They will have the authority to request access to all financial records and submit regular reports to the shareholders. The proposed auditors include lawyer Lara Forte, known for her expertise in investment funds, accountant Fabio Scoyni, and Marco Talarico, a senior executive close to Leonardo Maria Del Vecchio who previously managed the family’s wealth management firm, Lmdv.

The push for these changes originates from five of the eight Del Vecchio heirs—Clemente Del Vecchio, Nicoletta Zampillo, Leonardo Maria, Paola, and Luca—who submitted a joint letter to all shareholders and the board of the financial group on June 22. Their message highlighted the need for greater transparency and accountability in managing Delfin’s assets. The board itself had split on approving the so-called “patronage letter,” a document required by banks as a guarantee before they can approve a loan necessary for restructuring the shareholding. While President Francesco Milleri and board member Mario Notari supported the initiative, others such as Chief Executive Romolo Bardin, Giovanni Giallombardo, and Aloyse May opposed it.

Despite these developments, the overall situation remains stalled. Key unresolved issues continue to hinder progress, particularly regarding the inheritance matters involving President Francesco Milleri, who also serves as the head of EssiLux. Milleri is still awaiting the receipt of a significant package of shares that the late founder, Leonardo Del Vecchio, had allocated to him through his will. At current market values, this inheritance is worth more than 360 million euros, making it a crucial element in the broader discussion around the future direction of Delfin and its affiliated entities.

As the summer progresses, the financial markets will likely remain attentive to how these internal dynamics unfold. With multiple stakeholders having differing priorities and interests, the path forward for Delfin appears uncertain. The resolution of outstanding disputes, especially concerning the valuation of shares and the distribution of inheritances, will play a pivotal role in determining whether the company can achieve stability and continued growth in the coming months.