The majority shareholders of Italian newspaper Il Fatto Quotidiano on Monday rejected a takeover proposal from Leonardo Maria Del Vecchio, heir to the founder of Ray-Ban maker EssilorLuxottica, amid a long-running public dispute between the billionaire and the publication.
The publication’s seven founding shareholders, including editor-in-chief Marco Travaglio, said in a statement on Sunday night that they had no intention of selling. Together, they hold a majority stake in the company. The proposed acquisition comes amid repeated clashes between Del Vecchio and Il Fatto Quotidiano over its reporting.
Del Vecchio, 31, had sought permission to conduct due diligence before proceeding with a voluntary offer to take Societa Editoriale Il Fatto (SEIF), the Milan-listed parent company of the newspaper, private, Reuters reported. On X on October 22, Del Vecchio accused the newspaper of running a smear campaign against him and used derogatory language to describe its journalists.
Del Vecchio has already established a presence in Italy’s media industry through his holding company, LMDV, which is facing debt pressures. Del Vecchio remains embroiled in a dispute over control of Delfin, the family holding company, following an inheritance battle. He has also clashed with EssilorLuxottica chief executive Francesco Milleri.
SEIF had a market value of approximately 5.5 million euros ($6.16 million) at Friday’s close. Its shares rose 17.3% by 1216 GMT on Monday. His interests include a 30% stake in Il Giornale, a newspaper previously owned by the Berlusconi family, and ownership of the QN network of regional newspapers.
