Word: banca
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...both RBS and Fortis are now on the casualty list themselves, Santander's $17 billion stake in the Brazilian wing of ABN Amro is worth about $49 billion after merging with Santander's existing business in Brazil. In 2007, the firm spent just under $10 billion for Italy's Banca Antonveneta, which it promptly sold off for a $3.74 billion profit. (See pictures of the global financial crisis...
...Minister Romano Prodi had just wrapped up a notably more austere Mediterranean holiday in the Tuscan coastal town of Castiglione della Pescaia. Prodi could bask in several recent Italian successes on his beach break: a key role in the Lebanon cease-fire, and a merger of Sanpaolo IMI and Banca Intesa to give Italy its first major European banking player. But by the second week of September the sunny summer spirit was fading. Telecom's announcement that it was splitting its fixed-line and mobile phone sectors - which could result in the sale of the latter - left investors cold...
Friends wonder if Diego will one day go into politics. He sits on the board of a number of companies?including Ferrari, Maserati, Banca Nazionale del Lavoro and LVMH (which owns a 3.5% stake in Tod's)?but insists that shoemaking is his only work interest. "My job is to touch leather and create brands," he says. "And then more time for my family...
...Italian central bank Antonio Fazio tried to squash two bids by foreign banks for Italian ones. But his efforts quickly turned to a scandal after the publication of taped phone calls. Fazio finally quit just before Christmas - and one of the foreign bids, by Dutch bank ABN AMRO for Banca Antonveneta, eventually succeeded. Domestic politics remains a temporary risk, says Morgan Stanley's Pereira, but "the forces underlying European M&A trends are much stronger than any episodic national pushback." Indeed, mergers have a way of perpetuating themselves. Barrett says that chief executives of European companies are now under pressure...
...being under investigation in the same probe of the takeover bid. So what drives the decisions of Italy's top central banker? Some answers can be traced back to 2002, when Fazio traveled to the northern town of Lodi for a conference organized by Fiorani's bank, then called Banca Popolare di Lodi. During the afternoon break, the two men decided to stroll together through the center of town in front of a cadre of journalists. It was a blatant signal to all that Fazio had anointed Fiorani to be the next banker on the fast-growth track. Perhaps more...