Word: citroen
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Dates: during 1960-1969
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...personally negotiated the deal with some friends, France's tiremaking Michelin family, which controls Citroën. Agnelli sought an outright takeover, but Charles de Gaulle objected and the French government limited Fiat to a 15% holding in the firm. In fact, Fiat will get effective control of Citroen through a complex holding-company arrangement. "Have no doubts about it," Agnelli told a friend. "The merger is complete." When the Fiat-Citroën "collaboration" formally begins this month, Agnelli will, in effect, preside over a combine with total sales of $3 billion and annual production of more than...
...enhance the N.L.F.'s aura of independence from Hanoi, Madame Binh and her five colleagues have taken special pains to dissociate themselves publicly from the representatives of North Viet Nam. She whisks about Paris in a rented black Citroen DS-21 flanked by two motorcycle policemen; the Viet Cong flag, a yellow star against a field of red and blue, flaps conspicuously from the fender. Her limousine has stopped at the Quai D'Orsay, where she paid a courtesy call on Herve Al-phand, former French Ambassador to the U.S. and now secretary-general of the French foreign...
...French, German, Belgian, Zambian, Biafran and Gabonese. Each afternoon, three or four planes taxi to the nearby military airfield for loading, then take off for Biafra at 6 p.m. sharp. They return around midnight, after the 900-mile round trip. Just as predictable as the flights is the black Citroen, owned by the French security police, that follows...
...Gaulle's ruling on the deal was a somewhat ambiguous "No, but yes." No, Fiat could not buy the Citroen shares from the tire-making Michelin family. But yes, Fiat and Citroen could cooperate, so long as their mutual dealings did not affect "conditions of employment" and the "equilibrium of the auto market in France," That means that little, if anything, can be salvaged from the original deal, The two companies had intended to share manufacturing plants and probably to channel more Citroën work to Italy's lower-wage labor market, They also had planned...
With its lagging sales and debts of at least $100 million, Citroen is eager to hitch up with another auto manufacturer. Charles de Gaulle would like a purely French solution: perhaps a merger of the three major French carmakers, to be called Automobile de France. If that happens, Fiat may be sorely tempted to woo Germany's Volkswagen. Such a combine would dwarf anything that France could put together...