EssilorLuxottica stock faces family uncertainty after EUR 30 billion Delfin bid

Michal Strnad has offered EUR 30 billion to acquire Delfin, the investment vehicle of Italy's Del Vecchio family and a key shareholder in EssilorLuxottica. Reuters reported the offer on Thursday, October 29, citing two people close to the matter and a letter dated October 20.

The proposal targets the holding company rather than EssilorLuxottica directly. Delfin owns a major stake in the eyewear group and also holds interests in Generali, Monte dei Paschi di Siena and UniCredit. Reuters said the combined current market value of those financial holdings and the EssilorLuxottica stake is EUR 43 billion.

Approval Hurdles Remain High

Delfin is owned in equal parts by eight heirs: Leonardo Del Vecchio's six children, his widow Nicoletta Zampillo and her son from a previous marriage. A sale would require a virtually unanimous decision, according to Reuters.

Leonardo Maria Del Vecchio said he had been informed of the offer and that his father's life's work should remain part of Italy's heritage. Delfin declined to comment, while a representative for Strnad was not immediately available. A spokesperson for AKIPIA, which oversees some of Strnad's investments outside defence, said the group did not comment on market speculation or potential business negotiations.

The offer follows rising tensions among the heirs. Strnad, who heads defence group Czechoslovak Group, bought a 14 percent stake in Pirelli earlier this year from China's Sinochem, Reuters reported. The approach therefore puts the spotlight on the ownership structure behind EssilorLuxottica, but it does not constitute a bid for the listed company itself.

Operating Momentum Meets Ownership Risk

EssilorLuxottica's latest reported operating figures remain a separate support for the investment case. The company generated EUR 22.30 billion in revenue during the first nine months of 2026, an increase of 6.80 percent, while third-quarter revenue rose 9.00 percent to EUR 7.486 billion. S&P Global Ratings raised the group's long-term credit rating to A+ from A on October 23 and kept a stable outlook.

EssilorLuxottica stock traded at EUR 179.63 on Lang & Schwarz at 10:04:42 CET on Friday, October 30, 2026.

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Investors will now watch whether Delfin's shareholders respond formally to the proposal and whether the family dispute produces changes in the holding company's ownership. The next developments could affect the governance backdrop around EssilorLuxottica even if the group's business performance continues independently. See the real-time quote of EssilorLuxottica stock and more news and analyses on EssilorLuxottica stock.