Ray-Ban Heir Reported to Win Approval for Buyout of Siblings

EssilorLuxottica SA heir Leonardo Maria Del Vecchio has reportedly reached agreement to buy out two of his siblings, sealing a deal valued at about €10 billion ($11.8 billion) that will make him the largest shareholder in the Italian family’s Ray-Ban empire.

A majority of the eight shareholders of Delfin Sarl approved the proposal at an extraordinary meeting on Monday, Italian media including Radiocor reported. Leonardo Maria, who turns 31 next week, will have a 37.5% stake in the family holding company, the news outlet said. He has negotiated for months with family members and to secure financing to purchase the combined 25% holding of siblings Luca and Paola Del Vecchio.