Delfin, the banks' plan for the reorganisation

The agreement between Leonardo Maria Del Vecchio and the banks on the EUR 11 billion loan to service the reorganisation of Delfin is already on record. The green light from the financial company's shareholders' meeting for the distribution of 80% of profits for three years represented the most important condition of the operation. Having received that, some sources say, the deal would be practically closed. With the financing, Leonardo Maria Del Vecchio will take over the shares of Luca and Paola, in all 25% of Delfin, and will rise to 37.5%, becoming the first shareholder of the financial company at the head of the Essilor Luxottica empire.

In detail, as reconstructed by Il Sole 24 Ore, the line will be divided among three banks, UniCredit, Bnp Paribas, and Credit Agricole. At the moment there would be the availability to cover the entire requirement with a commitment of each institution of about one third of the total, therefore about 3.3 billion each. However, the operation is fluid and a part, around EUR 2 billion, could also see the commitment of other banks that have expressed interest in being part of the operation. These, according to rumours, would include Bpm, Goldman, Deutsche bank and Soc Gen.

The outline of the agreement revolves around three key guarantees. The first, probably the most important, was the shareholders' go-ahead for the distribution of more generous coupons, and thus that 80% of Delfin profits approved by yesterday's shareholders' meeting. In addition, there would be a pledge on the 25% stake that Leonardo Maria Del Vecchio would take over either personally or through the LMDV Fin vehicle from his brothers Luca and Paola.

Finally, the banks would have requested support from Delfin's board in drawing up a business plan for the holding company that would provide for greater flexibility in the management of financial holdings in the event of adverse situations. The reference is to the stakes in Mps (17.5%), Generali (10%) and UniCredit (2.7%), which in the scenario of a sharp fall in the markets and in the value of the holding company, currently around EUR 45 billion, must be free to be valued in order to restore overall equilibrium.