The 31-year-old nightclub owner outlined his proposal for Luxembourg-based holding company Delfin Sarl in a letter sent on Monday. The offer is reportedly backed by a loan of nearly $25 billion from Citigroup, according to Bloomberg and Italian newspaper Corriere della Sera.
Under the proposal, Leonardo Maria is offering €3.7 billion, approximately $4 billion, to buy out each of his seven co-shareholders, including his five siblings, half-brother and mother, Corriere della Sera reported.
The proposed acquisition comes amid an escalating family dispute over the future of the business empire following the death of billionaire founder Leonardo Del Vecchio in 2022.
Before his death, Del Vecchio divided his fortune equally among his eight heirs, leaving each with a 12.5 per cent stake in Delfin.
However, disagreements among family members have reportedly complicated major business decisions, with Leonardo Maria emerging as a vocal critic of Delfin chairman and EssilorLuxottica Chief Executive Officer, Francesco Milleri.
The takeover proposal is also viewed as a potential challenge to a competing bid by Czech billionaire Michal Strnad, who has reportedly offered approximately €30 billion to acquire the family holding company.
Leonardo Maria is expected to present his proposal to the other shareholders on November 7, as the contest for control of one of Europe’s most influential family-owned business empires continues to intensify.
