Word: alfa
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...more than a month, America's Ford and Italy's Fiat had waged a fervent campaign for the hand of Alfa Romeo, the prestigious but financially troubled maker of sleek sports cars. Last week the local swain won. I.R.I., the Italian state conglomerate that owns Milan-based Alfa, announced acceptance of Fiat's $5 billion offer for 100% ownership. Also-ran Ford's bid was never made public, but it was believed to include an initial $100 million for a 20% chunk of Alfa plus promises of a hefty $2 billion additional investment in the company...
...Alfa Romeo is in bad shape, having lost an estimated $170 million last year. Even so, Ford had wanted to use Alfa's products to compete in the European and U.S. markets for luxury sports cars now dominated by such rivals as Mercedes- Benz and Jaguar. But Fiat was eager to protect its No. 1 position in Italy by keeping Alfa out of Ford's hands...
Petersen said that while in Italy he was promised an answer on Ford's bid to buy Alfa Romeo by November 1. "Whether we acquire Alfa Romeo or not," he said, "at least we know we've made an effort...
...deal in June to boost its stake in the Maserati sports-car company from 3.5% to 15.6%, and plans to bring out a jointly produced convertible priced in the $30,000 range by fall 1987. Ford, meanwhile, is negotiating to buy a majority share of sports-car maker Alfa Romeo...
...clearest indications has been the transformation of IRI, a vast state-run conglomerate that dates back to Mussolini. The 1,079 firms in IRI's portfolio include Alfa Romeo, Alitalia airline and Banca Commerciale Italiana, the country's second-largest bank. While this leviathan was losing nearly $2 billion a year, previous governments had been reluctant to touch it. Craxi encouraged IRI's new president, Romano Prodi, to take bold action. He promptly laid off 47,000 unionized workers and raised more than $3 billion by selling all or part of 35 companies and other holdings...