Czech billionaire Strnad offers €30 billion for Delfin

Czech arms billionaire Michal Strnad has offered about €30 billion ($33.5 billion) for Delfin, the Del Vecchio family holding company that is the largest shareholder in eyewear maker EssilorLuxottica, Bloomberg reported after seeing the letter. One heir quickly came out against the offer, and the family's ownership rules make a deal hard to complete, so analysts see little chance it succeeds.bloomberg.com

Italian newspaper Domani first reported the offer and published the letter, which is dated Oct. 20, Reuters said. The all-cash proposal values Luxembourg-based Delfin at a 30% discount to its net asset value. It stays open for 30 days, and Strnad would accept a controlling stake of 62.5% if some owners want to keep their shares, according to Bloomberg. Delfin holds 32.4% of EssilorLuxottica as well as stakes in Generali Assicurazioni Generali S.p.A., UniCredit and Banca Monte dei Paschi di Siena, Agefi-Dow Jones reported. Reuters valued those listed holdings at €43 billion combined.reuters.com+2

What Strnad wants

In the letter, Strnad wrote that Delfin "perfectly fits with my investment approach and strategy." He said his funding was already secured and that he would not need extra financing, Bloomberg reported. He also wrote that a Delfin buyback of up to 25% of its shares from other heirs was "not incompatible" with his offer, according to Il Sole 24 Ore. Strnad, 34, runs defense group CSG ↘ 1.97%, which listed in Amsterdam this year. Earlier in 2026 he bought a 14% stake in Pirelli. A spokesperson for his investment arm said it does not comment on market speculation, Reuters reported.ww.fashionnetwork.com+2

A divided family

Delfin is split equally among Leonardo Del Vecchio's eight heirs, and Reuters said a sale would need a nearly unanimous decision from them. Leonardo Maria Del Vecchio, one of the founder's sons, confirmed he had been told about the offer. "The work of a lifetime by my father must remain part of Italy's heritage," he said in a statement, according to Reuters. The offer comes as tensions among the heirs grow. Leonardo Maria's €3.5 billion bid for his half-brother Rocco Basilico's stake was rejected, Bourse Direct reported, citing Bloomberg.boursedirect.fr+1

Analysts are skeptical

JPMorgan ↘ 1.90% pointed to the "very steep discount" to net asset value and to Leonardo Maria's opposition, which it said most heirs were likely to share. "We believe the chances of success of this offer are low," the bank wrote, according to Agefi-Dow Jones. Even so, EssilorLuxottica shares rose in Paris on Friday, Oct. 30, while the CAC 40 was flat. Investors were weighing reports that a change of control at Delfin could eventually force a takeover bid for the eyewear group, although nothing confirms such a bid would be triggered automatically.investir.lesechos.fr