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.
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.
Del Vecchio says he wants to protect editorial independence
The proposed acquisition comes amid repeated clashes between Del Vecchio and Il Fatto Quotidiano over its reporting. 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.
On Monday, he said his interest was in improving the publication’s financial position while preserving its reputation for independent journalism and investigative reporting.
He argued that the newspaper’s willingness to publish critical coverage was something he wanted to retain, adding that his proposal was intended to help secure its future rather than influence its editorial stance.
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.
Ray-Ban heir has existing Italian media interests
Del Vecchio has already established a presence in Italy’s media industry through his holding company, LMDV, which is facing debt pressures.
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.
The proposed purchase of Il Fatto Quotidiano would have expanded his media portfolio, but the founding shareholders’ refusal to sell has stalled the initiative.
Inheritance battle adds to billionaire’s public profile
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 businessman has attracted attention beyond corporate affairs. Earlier this month, he appeared on the Pulp podcast, hosted by a rapper and a YouTuber, where he discussed past problems with drug addiction and made claims about his sexual history.