Family dispute at Ray-Ban: heir refuses 3.5 billion euros

An heir to the billion-dollar empire behind eyewear brand Ray-Ban has rejected an offer of no less than 3.5 billion euros. Rocco Basilico received the offer from his half-brother Leonardo Maria Del Vecchio, who is trying to expand his influence within the family business.

The rejection is the latest chapter in a family dispute over a fortune of tens of billions of euros.

According to Bloomberg, Leonardo Maria Del Vecchio has offered his half-brother Rocco Basilico no less than 3.5 billion euros for his shares in the family business Delfin. However, Basilico declined the offer.

Both men inherited a 12.5 percent stake in Delfin, the Luxembourg investment company of the Del Vecchio family. The company owns almost a third of EssilorLuxottica, the largest eyewear group in the world and owner of well-known brands such as Ray-Ban and Oakley.

But the family fortune is more than just glasses. Delfin also has major interests in Italian financial institutions, including insurer Generali and bank Monte dei Paschi di Siena. Together, the family-owned company's listed investments are worth more than 40 billion euros.

According to Italian media, Basilico thought his half-brother's bid was too low. He would have previously valued his shares at around 4.3 billion euros. In addition, there would be doubts about whether Leonardo Maria could actually finance the acquisition.

The tensions within the Del Vecchio family arose after the death of founder Leonardo Del Vecchio in 2022. His assets were divided among eight heirs, each of whom received 12.5 percent of the family business Delfin.

His son Leonardo Maria has been trying to get his hands on a larger part of the family fortune ever since. Previously, he wanted to take over the shares of two other heirs, Luca and Paola, for 10 billion euros. That deal did not go through because the management of Delfin did not want to issue financial guarantees.

That also caused a rift between Leonardo Maria and Francesco Milleri, who heads both EssilorLuxottica and Delfin. The two worked closely together for years, but meanwhile Leonardo Maria openly criticized Milleri and his board.

Yet he seems to want to leave the family squabble behind. In an interview with an Italian radio station this week, the 31-year-old billionaire said he has asked his lawyers to withdraw all lawsuits against his relatives. He wants to put an end to the mutual struggle.

In the meantime, shares in the family are still being sold. Earlier this month, Basilico sold a small part of his stake for 800,000 euros to Clemente Del Vecchio, the youngest heir.

Whether the family can actually reach an agreement remains uncertain. Neither Basilico nor Leonardo Maria wanted to respond to Bloomberg's rejected billion-dollar bid.