The Del Vecchio family’s investment company “has never been an activist” shareholder and has a long-term commitment as an investor in Mediobanca SpA, its chairman said in an interview with Italian newspaper Sole 24 Ore.
Delfin, the investment vehicle owned by Luxottica founder Leonardo Del Vecchio’s heirs, has presented its own slate for the board of the Italian bank, in which it owns a stake of about 20%. At the Oct. 28 shareholder meeting, Delfin’s candidates will face the Mediobanca management’s slate, which has been endorsed by proxy advisers including Glass Lewis and ISS.
“We won’t change our position, whatever the shareholder vote will be,” Delfin Chairman Francesco Milleri said. Receiving support from more than 30% of investors would make Delfin “proud” and would be a tribute to the memory of the founder, who died last year, he said.
Milleri - a long-term executive at Luxottica and also a beneficiary of Leonardo Del Vecchio’s fortune — is also seeking to reunite the Del Vecchio family as some of the founder’s children oppose the succession plan over tax payments.
“I hope the succession process will close rapidly,” he said.
Milleri is also the chairman and CEO of EssilorLuxottica SpA, the French-Italian manufacturer of Ray-Ban and Oakley glasses, in which Delfin owns an about 32% stake.
