Italian eyewear billionaire Leonardo Del Vecchio has secured the nod from the European Central Bank (ECB) to raise his stake in financial group Mediobanca, Reuters reported.
Del Vecchio’s holding company Delfin said that the ECB has given the go-ahead to raise 9.9% stake in Mediobanca above the previous threshold of 10% to a tad below 20%.
Go deeper with GlobalData
The move might place the eyewear giant Luxottica’s founder as the largest shareholder of Mediobanca, the report added.
Mediobanca is currently the largest shareholder in Italy’s biggest insurer Generali with a 13% stake. Del Vecchio also owns a 4.8% stake in the insurance group.
The billionaire also intends to restore Generali’s former presence in Europe, Reuters reported citing undisclosed sources.
Del Vecchio first sought approval from the ECB back in June, when he owned a 9.9% stake in the Mediobanca.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFounded in 1946, the Milan-based bank never had a single non-banking shareholder owning over 10% stake in it.
Earlier this month, Italian newspapers Il Sole 24 Ore and la Repubblica reported that Del Vecchio is planning to raise his stake in Mediobanca to 13-14%, following ECB’s approval.
Moreover, Mediobanca decided to renew its board this fall. However, Del Vecchio will not seek representation on the board of directors.
