ESSILORLUXOTTICA'S €10 BILLION SUCCESSION FIGHT IS ALSO A BATTLE OVER THE FUTURE OF AI WEARABLES

2026-05-08T15:07:47.529Z

What happened April 27: Luca and Paola Del Vecchio sold their 12.5% Delfin stakes each to Leonardo Maria for ~€10 billion. Approved by majority vote. Leonardo Maria rises to 37.5% of Delfin — EssilorLuxottica's largest shareholder. What happened Friday: Rocco Basilico — Del Vecchio's widow's son, 12.5% Delfin shareholder — filed a legal challenge in Luxembourg court. His two arguments: → Vote threshold: meeting used 75%. Statutes require 88% for third-party transfers. His stake alone blocked it under the correct threshold — and he voted against. → Dividend measure: not on original agenda. Would bind Delfin to distribute 80%+ of net profit 2025–2027 — apparently to help Leonardo Maria finance the buyout. He wants all April 27 decisions declared null and void.