Leading Generali, MPS investor Delfin opens door to stake sale (updated)

EssilorLuxottica SA

28/04/2026 17:18

Recasts with details from paragraph 2

New round of dealmaking expected in Italian finance

Delfin may liquidate investments in financial sector

MPS eyes Banco BPM deal, has Generali stake it can use to grow

UniCredit has also built Generali stake and monitors events

By Elisa Anzolin

PARIS, April 28 (Reuters) - Any decisions on investment vehicle Delfin's holdings in Italian financial institutions -- including insurer Generali GASI.MI and bank Monte dei Paschi di Siena BMPS.MI -- will be taken by its board, its Chair Francesco Milleri said on Tuesday.

Milleri's comments appeared to leave the door open to a potential divestment that could have implications for Italy's financial sector. Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio, has played a key role in the merger wave reshaping Italian finance since his death in 2022.

An ownership reshuffle Delfin shareholders approved on Monday has added weight to the prospect of a potential future liquidation of non-core investments held alongside its main asset, its stake in eyewear giant EssilorLuxottica ESLX.MI.

Asked about such a possibility on the sidelines of an EssilorLuxottica general meeting, Milleri told reporters that "anything can be done. There is a board that takes decisions, luckily it's always been unanimous in the past."

A divestment could give Delfin cash for an extraordinary dividend.

UniCredit CRDI.MI, which has built its own stake in Generali, has held talks in the past with Milleri over Delfin's stakes. UniCredit CEO Andrea Orcel has said he was monitoring the situation around Generali.

Long an investor in Mediobanca, Generali and UniCredit, Delfin became the main shareholder in Monte dei Paschi between 2024 and 2025 and the key force behind its Mediobanca takeover.

Delfin's influence was underscored this month, when its vote proved decisive in a ballot to reinstate ousted MPS CEO Luigi Lovaglio. Milleri said the Delfin board's decision had been unanimous and backed by financial and legal expert advice.

With MPS widely seen as likely to attempt a merger with Banco BPM BAMI.MI, Delfin's decisions on its financial holdings are under the spotlight.

Milleri said an ownership reshuffle had simplified the decision-making process.

Del Vecchio's eight heirs on Monday approved a 10 billion euro ($12 billion) deal that will see Ray-Ban President Leonardo Maria Del Vecchio buy out two of his siblings.

Delfin's strict decision-making rules and identical shareholder stakes had capped payouts, leaving Milleri free to support dealmaking in the financial sector.

Luxottica founder Del Vecchio, a giant in Italian capitalism who grew up in a Milanese orphanage, believed companies should pursue ambitious growth strategies through acquisitions.

($1 = 0.8548 euros)

(Writing by Valentina Za; Editing by Gianluca Semeraro and Alexander Smith)

((valentina.za@thomsonreuters.com; +39 02 6612 9526;))