Del Vecchio Proposes Immediate or Phased Purchase of Delfin Shares

Leonardo Maria Del Vecchio proposed buying all Delfin shares, offering fellow shareholders an immediate sale or a transfer in stages as he seeks to resolve a dispute among family owners.

Del Vecchio said Nov. 2 that a leading international bank was willing to finance the transaction. He described the proposal as a response to private appeals and public requests for another effort to settle the disagreement.

The acquisition vehicle would operate under a binding charter, Del Vecchio said. Its board would include two people with extensive management, financial and legal experience, whose views would bind the vehicle on its most significant financial decisions. He said the safeguards were intended to make the proposal credible to his family, financial markets and employees of the businesses his father built.

Del Vecchio said he had directed his team to drop legal actions involving some relatives. His advisers were in daily contact with representatives of the other shareholders, he said.

Del Vecchio said he had mishandled earlier family discussions and now wanted to resume talks. He asked shareholders to meet by Nov. 7, together or individually, so he could present the project in detail.