Italy’s Del Vecchio confirms request for green light to up stake in Mediobanca

Leonardo Del Vecchio

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Italian billionaire Leonardo Del Vecchio confirmed Monday he had asked for green light from the European Central Bank to increase his stake in Mediobanca above 10% and up to 20%.

In an emailed statement, Del Vecchio’s holding company Delfin said it had filed the request with the Bank of Italy on May 29, adding the authorization process usually takes up to 60 days, barring any suspension.

A source said on Sunday that Del Vecchio, chairman of eye-wear giant EssilorLuxottica, had asked the ECB for permission to increase his stake in the Italian merchant bank, confirming a press report.

Del Vecchio became Mediobanca’s biggest shareholder in November with a holding of just under 10% after the bank’s decades-long partner UniCredit sold its entire stake.

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