Leonardo Maria Del Vecchio, an heir to the Ray-Ban empire built by his late father, publicly challenged his family's holding company to back his 10 billion ($11.5 billion) buyout of two siblings days before a crucial June 30 shareholder meeting. In an open letter published on the website of online newspaper Quotidiano Nazionale, which he owns, the 31-year-old on Friday accused Delfin Sarl's board of failing to provide clear explanations for its shifting position on a proposed transaction that would make him the largest shareholder of the Luxembourg-based investment vehicle.
"The issue stopped being financial and became a matter of governance," Del Vecchio wrote, questioning why concerns about the deal emerged only after shareholders had already voted in favour of key elements of the transaction and following public statements describing the reorganisation as a stabilising move.
