Leonardo Maria Del Vecchio offers to buy out Delfin shareholders, says financing secured

MILAN, Nov 2 (Reuters) - Leonardo Maria Del Vecchio, one of the heirs to the late founder of EssilorLuxottica ESLX.PA, has offered to buy out his fellow shareholders in Delfin, the eyewear maker's largest investor, according to a letter published by Italian newspaper QN.

He has secured financing of up to €22 billion ($24.6 billion) from Citi to fund the acquisition of the stakes of the other shareholders in the Luxembourg-based family holding company, a person close to the businessman said on Monday.

"It is the most serious proposal I have ever made. I have secured the backing of a leading international bank to finance the transaction," Del Vecchio said in the letter, which was reported by QN, which he controls. He didn't say which bank was involved.

Citi and Delfin declined to comment.

Delfin is evenly split among eight shareholders, whose disagreements have left the holding's board with greater scope to call the shots.

Del Vecchio's goal is to acquire five or six shareholdings in Delfin, the person said.

Leonardo Maria Del Vecchio's proposal, which he says is aimed at safeguarding the legacy built by his father, comes after a €30 billion bid for Delfin by Czech businessman Michal Strnad emerged last week.

Earlier this year, Del Vecchio failed to acquire the stakes of two other Delfin shareholders in a deal worth around €10 billion, after the banks backing the transaction were unable to secure the guarantees required to provide the financing.

"I have proposed both a total and immediate acquisition of the stakes, as well as alternative structures involving a more gradual purchase over time," he added, saying he intends to present his plan by November 7.

The proposal sent to the other Delfin shareholders currently doesn't include any financial details, according to a person close to the matter.

Delfin is the largest shareholder in Ray-Ban maker EssilorLuxottica, with a 32.4% stake. It also owns a 10% stake in Italian insurer Generali, a 17.5% stake in Italian lender Monte dei Paschi BMPS.MI and a small stake in UniCredit CRDI.MI, for a combined current market value of around €43 billion.
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