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.
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. 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.
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 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.
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.
