Word: benedetti
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Dates: during 1980-1989
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Belgians were outraged when Italy's Carlo De Benedetti, 53, the aggressive chairman of Olivetti, announced plans last January to take control of Societe Generale de Belgique, their country's largest and most diversified company. Last week, with the help of Compagnie Financiere de Suez, a French merchant bank, they managed to stop him -- at least for the moment...
...showdown came at an emergency stockholders meeting demanded by De Benedetti and his allies, where more than 1,000 shareholders crowded into a carnival tent set up behind Societe Generale's elegant offices in Brussels. Despite a last-minute plea by De Benedetti, in which he argued that the 166- year-old conglomerate, best known as La Generale, needed better management, he was rebuffed...
...Benedetti may not have managed to muster the majority vote needed to take control of the firm, but La Generale has not heard the last of him. He still holds 45% of the shares, more than enough to have a major voice in the restructuring process that the firm now plans to undertake. Said he: "Sooner or later, in a week, in a month, in six months or a year, I and my associates will play the major role that belongs...
...fall of La Generale's share price in the stock-market plunge made it a perfect target. Yet De Benedetti, an engineer by training who turned a moribund Olivetti into a global power in office computers, is unlikely to take apart La Generale as a ruthless raider might do. Instead, he aims to expand the company into a Continental conglomerate in preparation for the era beyond 1992, when the trade barriers between the twelve European Community countries are scheduled to be eliminated. That step will create a wide-open marketplace of some 320 million consumers, a powerful launching...
Defying all expectations, health costs continue to soar. -- The Pentagon' s new buyer. -- De Benedetti raids Belgium...