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Italian billionaire buys chunk of Mediobanca

Billionaire businessman Leonardo Del Vecchio, who owns the financial holding company Delfin, bought a 6.94% stake in Mediobanca - Banca di Credito Finanziario SpA, Reuters reported.

Del Vecchio, who founded eyewear company Luxottica, also holds a 4.86% stake in Generali, whose biggest shareholder is Mediobanca, the report noted.