Word: colaninno
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Dates: during 2001-2001
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...power as Agnelli, but he's trying. He took a major step in that direction last month when, together with the Benettons - of retail fame - he wrested control of Telecom Italia, the former state monopoly and now Europe's fourth-largest telecommunications company, from an upstart named Roberto Colaninno...
...Pirelli's move came just a couple of weeks after Agnelli's Fiat engineered a takeover together with Electricité de France of energy giant Montedison. While both are billion-dollar deals, they are infinitely more important for their symbolic value. If Colaninno had shocked the Italian business establishment in May 1999 with his heavily leveraged takeover of Telecom Italia, July 2001 marked the return of the old guard. The Pirellis and Agnellis have been Italy's movers and shakers since just after World War II in what was known as the salotto buono, the exclusive club of northern Italian...
...legendary head of Mediobanca who died last year. As a result of rather Byzantine legislation, Mediobanca was Italy's only merchant bank for decades, which meant virtually no big deals were done without Cuccia. But by the late 1990s, the Cuccia-Agnelli alliance began falling apart. Mediobanca sided with Colaninno when he and his wealthy backers made their move for Telecom Italia. It was a direct challenge to the Agnellis, who had installed their own man to run the former state monopoly...