Delfin, the commitment to Generali and the succession to Leonardo Del Vecchio: the crux of the legacy – Corriere.it

We don’t like the idea of ​​selling an investment we believe in. Buyback creates value, why give up? It would be a pity. In the Delfin house, the investment in Generali was followed closely and the rounding of voting rights (which does not concern the share capital) due to the effect of the share repurchase launched by Leone was seen as a purely technical fact. Of course, this participation has given the Del Vecchio family a lot of satisfaction: in 2022 alone it represented around 250 million in terms of dividends. Now will Delfin really want to grow up to 20% of the capital of the Lion? If he does so, he will have to put another 3 billion on the table based on the company’s current capitalization, demonstrating that he concentrates many of his investments on Trieste. Yesterday’s report doesn’t seem like the story of an adventurous climb. In any case, Ivass’ authorization for growth in Generali seems to add one more card to those available from Delfin led by chairman Francesco Milleri, the manager Del Vecchio has chosen to continue his mission and who in the last five years has allowed EssilorLuxottica to grow and confirm its global leadership.

The question of inheritance

Much will also depend on the orientations of the heirs of that safe who are carrying out the inheritance machine. The hierarchy of Leonardo Del Vecchio’s creditors was published in the Official Gazette on Saturday 1 July, as imposed by the inheritance acceptance procedure with benefit of inventory activated by Luca Del Vecchio, Clemente’s brother, the youngest of the Cavaliere’s six children. There is one last chapter to close. It concerns the other bequests included in the will, which must be performed by the heirs: the division of inheritance taxes, the transfer of two houses owned by Delfin, valued at 77 million, in favor of the widow Nicoletta Zampillo, and the assignment of 2, 15 million shares of EssilorLuxottica to CEO Milleri and 22,000 shares to manager Romolo Bardin. The mapping triggers the possibility of collecting the assets and paying the debts, without however being required to personally pay the excess part which could be worth around 40 million each for each of Del Vecchio’s six children. An amount that corresponds to less than 1% of Delfin’s total assets.

Del Vecchio’s creditors

As at 26 June, hereditary assets amounting to 120 million had been liquidated. The document states that most of the credits will be satisfied, including the transfer of two villas to Mrs. Zampillo. As for the credits deriving from the obligatory legacies, they will be paid within the limits of the residual hereditary assets, once their liquidation has been completed and the exact amount of the credits has been determined. This category includes, inter alia, the transfer of a first portion of 1.75 million of Essilux shares to Milleri (estimated value of 269.5 million), the payment of 75% of the inheritance taxes deriving from the bequests to Rocco Basilico and Nicoletta Zampillo and a stake of 18 thousand Essilux shares for Bardin. However, the procedure has not yet been concluded and also touches on the question of the amount owed to the Treasury for the inheritance.