Word: enis
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...revolt was sparked by fear among investors that Montedison was on the verge of "hidden nationalization." The two biggest government industrial enterprises-ENI and I.R.I.-recently acquired a near-controlling interest in Montedison, a diversified manufacturer of chemicals and other basic products (TIME, Oct. 18). Now they were proposing a rule change that would give government forces virtual veto power in the Montedison board. Enraged, more than 2,000 small stockholders turned up at the meeting, the largest such group ever to so gather in Italy...
Died. Marcello Boldrini, 79, Italian scholar-turned-executive who in 1962 succeeded the dynamic Enrico Mattei as president of Ente Nazionale Idrocarburi, Italy's worldwide, state-owned oil corporation; of a brain tumor; in Milan. A onetime professor of statistics, Boldrini joined ENI in 1948 as president of its distributing company, and was vice president of the sprawling complex by the time Mattei died in a plane crash; critics dismissed the 72-year-old statistician as an "interim pope," but in his five-year reign he proved to be as expansive and guileful as his predecessor, plunging ENI into...
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...