Europe

Italian billionaire who owns Luxair shares dies

Italian billionaire who owns Luxair shares dies

Luxair

The 54th wealthiest businessman in the world owned a 13% stake in Luxembourg’s state-owned airline.

The 54th wealthiest businessman in the world owned a 13% stake in Luxembourg’s state-owned airline.

Leonardo Del Vecchio, the founder of Luxottica and a major shareholder of Luxair, died in Milan at the age of 87.

Photo provider: Photo: AFP

An Italian billionaire, who holds a 13% stake in Luxair, died on Monday, breaking the relationship between Luxembourg’s state-owned airline and the founder of the Italian eyewear group Luxoticca.

Leonardo Del Vecchio, ranked 54th wealthiest in the world by Forbes, held shares through Delphin, a holding company in Luxembourg.

Delvecchio founded Luxottica, the world’s largest eyeglass manufacturer and owner of the Ray-Ban brand. When Luxottica merged with Essilor in France, he became chairman of the new group Essilor Luxottica.

Luxair is controlled by the government, with Luxembourg fully holding 39% of the shares and state bank BCEE holding an additional 21.8%.

The International Bank of Luxembourg (BIL) is trying to offload a 13% stake in Luxair by a Chinese-owned bank. Bank Chairman Luc Frieden said the bank expects to record a loss of € 20 to € 30 million this year. The government has the right to refuse stakes first.

Luxair lost € 2.3 million last year despite payment of dividends from cargo airline Cargolux And help from two banks. This was an improvement over the € 155 million loss in 2020 when travelers returned home and the plane landed due to a pandemic and the resulting blockade.


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http://www.luxtimes.lu/en/business-finance/wed-italian-bilionnaire-owning-luxair-stakes-dies-62bb2cb2de135b92367fab43 Italian billionaire who owns Luxair shares dies

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