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Del Vecchio secures up to €22 billion from Citi for Delfin buyout plan, source says

By Reuters News

MILAN, Nov 2 (Reuters) - Leonardo Maria Del Vecchio, an heir to late EssilorLuxottica ESLX.PA founder Leonardo Del Vecchio, has secured an up to €22 billion ($24.59 billion) financing package from Citi to buy out the other shareholders in Delfin, the eye wear group's top investor, a person close to the businessman said on Monday.

Earlier on Monday, Italian newspaper QN published a letter from Del Vecchio to Delfin shareholders in which he offered to acquire their stakes in the holding company, without disclosing financial details.

Citi declined to comment.

The aim is to acquire five or six shareholdings in Delfin, the source said, giving Del Vecchio greater control over the holding company's decisions, which have so far largely rested with its board.



($1 = 0.8948 euros)

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