the closure of the succession is postponed to March 2024 – Corriere.it
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The eight heirs have 12.5% each
The succession was concluded immediately, in substance, since July of a year ago, with the assignment of the Delfin shares to the eight heirs who each have 12.5% of the holding which contains almost all of the founder’s assets. In fact, 25% of the safe still owned by Del Vecchio went in succession, bequeathed to the widow Nicoletta Zampillo who later transferred half of the share to her son Rocco Basilico. The others were already in the bare ownership of Del Vecchio’s six children.
The last chapter
One last chapter remains. It concerns the other legacies included in the will, which must be performed by the heirs. As can be seen from the will immediately made public, there are three items. The allocation of inheritance taxes, the share of which to be paid by the heirs is estimated at around 110 million; the transfer of two houses owned by Delfin, valued at around 80 million, in favor of Mrs. Zampillo. Finally, the assignment of Essilux shares, for an estimated value of 270 million, to Milleri, the manager who drove the growth of the group, which went from 46 billion in capitalization to just under 80, from 16 2 billion in revenues to 24.5 at the end of 2022, a net result that rose to 2.9 billion from 1.8 billion, a leap that allowed for the distribution of 1.4 billion in dividends (+55%). According to Del Vecchio’s will, all six children will have to pay off these debts in the logic that has always guided the entrepreneur, that of a family that must decide together and share everything. There aren’t any problems, we’re just getting to know each other better, Claudio and Leonardo Maria Del Vecchio declared together during the Essilux assembly in May.
The rules of the civil code
That succession machine crosses the rules of the civil code, triggered by the acceptance of the will with the benefit of inventory by Luca and Clemente, the youngest children fruit of the union with Sabina Grossi, followed by Paola and Claudio, born from his first marriage to Luciana Nervo. Hence the obligation to map the remaining assets of Delfin, a procedure completed on 8 March. The provisions of the law therefore require that we start again from that date. The last chapter of the succession will therefore not close in June but in March 2024. In short, there is more time, useful for the children to deepen their knowledge.
The investor
The inventory shows about 460 million liabilities against assets close to 200 million, including credits due from Delfin, current accounts, the value of the entrepreneur’s boat, plus more. The mapping would trigger the possibility for the children who have accepted with the benefit of the inventory to collect the assets and use them to pay off their 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. A sum that is worth less than 1% of Delfin’s total assets. The procedure in full swing around the table that brings together family, lawyers and management. In April, the invitation to the heirs to present their declaration of credit, pursuant to article 498 of the civil code, was already published in the Official Gazette, and in theory, the liquidation of the inheritance and the payment of the bequests should therefore be concluded shortly.
The compromise with the heirs
What will be the drop point? One can perhaps imagine the distribution of a higher dividend by Delfin as a solution to bridge the gap between assets and liabilities. The use of the inventory benefit appears linked to the governance structure of Delfin, whose statute obliges to take extraordinary decisions with 88% of the votes, reserving strategic management instead to the board of directors, as Del Vecchio wanted. It cannot be ruled out that the compromise revolves around a slight modification of this governance which could assign rights, for example, on any operations that could upset the original industrial mission of Delfin. The path – the one that led to the creation of the Essilux champion – was traced by Del Vecchio who had always hoped for a clear separation between the family-shareholder and the companies, designating Milleri at the top of Essilux and Delfin for life and leaving the heirs with a statute holding very clear . I would never leave such a large company to a son – Del Vecchio said in an interview with Corriere – I would not give him this condemnation. Now it’s up to them to follow his will or not.
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