Strnad offers €30 billion for EssilorLuxottica family holding company
A proposed takeover is targeting the family investment vehicle that anchors control over EssilorLuxottica and several major Italian financial holdings. The offer from Czech billionaire Michal Strnad values Delfin Sarl below its net asset value and leaves room for him to accept a controlling stake rather than full ownership.
Highlights
- Michal Strnad has offered about €30 billion ($33.5 billion) to acquire Delfin Sarl, the holding company for EssilorLuxottica SA.
- The proposal values Delfin at a 30% discount to its net asset value and allows for a controlling 62.5% stake rather than full ownership.
- Delfin controls over €40 billion in public assets, including significant stakes in EssilorLuxottica, Assicurazioni Generali, UniCredit, and Banca Monte dei Paschi di Siena.
Offer terms and Delfin valuation
As first reported by Bloomberg, Michal Strnad has offered about €30 billion, or $33.5 billion, to buy Delfin Sarl, the family holding company behind eyewear group EssilorLuxottica SA.According to a letter seen by Bloomberg, the proposal values Delfin at a 30% discount to its net asset value. The letter also says Strnad would accept a controlling stake of 62.5%, indicating the bid does not necessarily require full ownership.
Exposure to eyewear and Italian finance
Delfin's publicly held assets have a market value of more than €40 billion, making the approach significant for both the eyewear sector and Italian financial markets.Those holdings include a nearly one-third stake in Ray-Ban maker EssilorLuxottica, as well as stakes in Assicurazioni Generali SpA, UniCredit SpA and Banca Monte dei Paschi di Siena SpA. Any deal involving Delfin would therefore extend beyond luxury eyewear into some of Italy's best-known financial institutions.
In our earlier article on Mario Draghi’s warning about restrictive monetary policy, we explained his view that keeping interest rates above economic growth can worsen debt dynamics and increase pressure for “fiscal dominance.” We also noted his argument that central banks should prioritize inflation control while keeping rates no higher than necessary, alongside EU-level measures to support investment and productivity.
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