EssilorLuxottica heir weighs $8.3M takeover of Italian newspaper

Leonardo Maria Del Vecchio, an heir to the fortune behind eyewear giant EssilorLuxottica (ESLOF)(ESLOY), is considering a €7.15 million ($8.3 million) takeover of the publisher of Italian newspaper Il Fatto Quotidiano, expanding his investments in the media industry.

The board of his family investment firm, LMDV Capital, has authorized due diligence ahead of a possible offer of €0.286 per share for Società Editoriale Il Fatto SpA, according to a statement Sunday. The proposed transaction would take the publisher private and require LMDV to secure at least 82.9% of its voting capital, along with other conditions.

The potential acquisition follows Del Vecchio's recent investments in Italian publishing, including Gruppo Editoriale Nazionale, which owns QN Quotidiano Nazionale and several other newspapers. The investments reflect his growing interest in building a media portfolio independent of the family's eyewear business.

Del Vecchio is one of eight heirs of Leonardo Del Vecchio, the late founder of EssilorLuxottica. He recently resigned from the eyewear company after failing to secure family support for a proposal to buy out two siblings. He has also publicly criticized Chief Executive Officer Francesco Milleri amid disagreements over the management of the family fortune.

Recommended For You

Register for free to keep reading.

Create a free account to get unlimited breaking news and alerts when your stocks move.