Delfin: countdown – a judge’s decision on quotas is due in a week’s time
At stake is an extension of the holding company’s right of first refusal
(Il Sole 24 Ore Radiocor) - A one-week countdown has begun at Delfin, the Del Vecchio family’s holding company, which is grappling with a complex reorganisation that has so far seen the heirs fail to reach an agreement. The crux of the matter is the possible extension of the right of first refusal that Delfin itself could exercise over the Del Vecchio family’s shares. The ball is now in the court of the Luxembourg court, where, by law, no one can remain a shareholder in a company for life against their will. Hence the move by some of the heirs, who in recent months have asked the board of directors (which is itself divided) to transfer their respective 12.5 per cent stakes to personal holding companies, thereby making the shares bankable (and thus enabling them to be pledged as security for potential loans).
At the end of today’s hearing in Luxembourg, according to reports, the judge heard the parties involved and then took another week to decide whether or not to extend the pre-emption period on the shares held by Leonardo Maria and his siblings for a further six months. This is a key date for understanding when the ‘merry-go-round’ of shareholdings within the family might begin: whether at the end of September or, in the event of an extension, whether everything will be postponed until spring 2027.
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