Word: enis
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Dates: during 1960-1969
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...With a stealth that would have impressed Machiavelli, they gained virtual control of the biggest Italian private company, Montecatini-Edison, a widely diversified manufacturer of chemicals and many other basic products. The maneuver was accomplished through an unprecedented joint assault by the government's two largest industrial complexes, ENI and I.R.I., which between them have substantial interests in 275 firms and control all or most of Italy's steel, oil, shipbuilding, aviation and banking. The government's new stake in "Montedison," whose sales exceed $2 billion, puts it in command of about one-fourth of Italian industry...
More than Equal. Montedison was formed in early 1966 by a merger between Montecatini, a chemical-minerals complex, and the Edison Group,* a private power company that wisely had begun branching into chemicals, steel and other goods before Italy nationalized power in 1962. Soon after the merger, I.R.I. and ENI began secretly buying Montedison stock. By last week they had accumulated at least 15% of the stock, making the government the firm's largest single shareholder. The state-run corporations set UD a new shareholders' syndicate, in which ENI-I.R.I. will have an equal voice with...
...Ghost. Montedison's stagnation is not the only reason that ENI and I.R.I, moved in. Another factor was last May's general elections, which resulted in a shift to the left and new government pressures for greater program-mazione, or central economic planning. What promoted the move more than anything else was a feud between Montedison's Valerio and Eugenio Cefis, 47, boss of ENI. Cefis was convinced that Italian firms, in order to fare better in foreign markets, had to "coordinate" their sales abroad in a kind of cartel arrangement. Valerio seemed more interested in competing...
...Cefis' ENI, Italy's petrochemical giant, will indeed "coordinate" with chemical-making Montedison, and the two may unite to form Europe's third biggest industrial company. One change that ENI and I.R.I, appear to have in mind for the future at Montedison is the replacement of its boss with somebody more to the government's liking. Valerio is resigned to that. Government leaders, he admits, seem to be in a position "to do as they like...
TRADE Italy to Russia In the Volga town of Togliatti, Fiat is building a plant for the Russians that will eventually turn out 600,000 cars a year. Last month Pirelli concluded a $50 million deal to make rubber parts for the Fiats. Italy's state-owned ENI petroleum company is ready to build a pipeline from the Ukraine to Trieste. Olivetti is in the midst of talks to supply the Soviet Union with office equipment. Almost weekly some new deal is announced in which an Italian company snaps up a contract in Russia. The man most responsible...