Czech arms billionaire Michal Strnad offers €30 billion for Del Vecchio holding Delfin

The offer for the holding

Michal Strnad, a 34-year-old Czech financier who leads the defence group Czechoslovak Group (CSG), has proposed buying the entire capital of Delfin, the Luxembourg holding of the Del Vecchio heirs. A five-page letter dated 20 October and addressed to chief executive Romolo Bardin puts the value at about €30 billion ($33.5 billion), which is the holding's net asset value less a 30% discount. Bloomberg reported on the letter after seeing it, and the offer became public on 29 October. Bardin had received the proposal in the days before that.

Strnad's letter says he would also accept 62.5% of the capital if that were enough to secure control. The proposal is valid for 30 days and would be backed by liquid resources, bank loans and financial partners. Its one binding condition is an amendment to Delfin's statute that removes the clause limiting share ownership to Del Vecchio heirs, and changing that statute requires the approval of 88% of the capital.

The letter also addresses a possible share buyback. Strnad writes that a board purchase of up to 25% of the capital from other heirs is not incompatible with his bid, and he says he is ready to discuss combining the two transactions because both serve the same aims.

Delfin's holdings and its shareholders

Delfin holds a controlling stake in EssilorLuxottica, the eyewear group that is central to the family's wealth. Through the holding the family also owns stakes in Italian financial groups, including 17% of Mps, 10% of Generali and 2.7% of Unicredit. Leonardo Maria Del Vecchio holds 12.5% of Delfin, and the company has eight shareholders. Accepting the offer would require unanimity among them, and the shareholders are described as divided on virtually everything.

Mps17%

Generali10%

Unicredit2.7%

Mps

17 %

Generali

10 %

Unicredit

2.7 %

Data from the article text

Strnad's letter lists Delfin's EssilorLuxottica stake, its Covivio holding and its positions in Generali, Unicredit and, prospectively, Intesa Sanpaolo as reasons the holding suits his strategy. Strnad is known in Italy as the head of CSG and as a shareholder of Pirelli through the vehicle Lumina Crown. Estimated revenue for CSG is 7.6 billion euros in 2026.

The family's response

Leonardo Maria Del Vecchio, the fourth-born son of the founder, responded in a note issued on 29 October. He framed the matter as a question of national interest.

“The life's work of my father must remain a heritage of Italy.”

He called EssilorLuxottica the only true Italian champion in the world and said the group's banking and insurance stakes must stay stable and transparent. He also asked that the source and structure of the funds behind any transaction of this size be clear, verifiable and subject to review by the competent authorities.

“It cannot be treated as just any asset.”

He added that he will keep pressing the case and seek the backing of other shareholders.

“I will keep doing this, with the Delfin shareholders who want to follow me, respecting everyone and with the same determination as always.”

Delfin's silence and next steps

Delfin has declined to comment, and the sources report no decision on the offer. Strnad's proposal remains open for 30 days, and any acceptance would need unanimity among the eight shareholders. The sources do not say when the board will respond to the proposal.

The dates currently on record run from the letter dated 20 October to the public reporting on 29 October.