Word: ferruzzi
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Gardini's upbringing led him to agricultural college; afterward he joined the firm of Ravenna grain dealer Serafino Ferruzzi. His charm, ambition and business flair brought him rapid promotion -- as well as marriage in 1957 to the boss's eldest daughter, Idina, which guaranteed that he would inherit company leadership from Ferruzzi, who died...
From there Gardini masterminded Ferruzzi-Montedison's 1989 joint venture with ENI, which made him a global giant -- and began his downfall. From the start, there were rumors that kickbacks had been paid to political parties in return for approving the deal. Gardini soon found himself in conflict with Cagliari, ENI's ambitious chief. Each man controlled 40% of Enimont, but the Ferruzzi boss tried to tip the balance by having friends purchase a majority of the outstanding 20% stock. In the end Cagliari prevailed, and in November 1990 ENI bought out Gardini's stake at an apparently politically sanctioned...
...dismantling of Enimont was a major blow, but there was worse to come. In 1991 other family members balked at his attempt to pass control of the Ferruzzi empire to his children. Gardini, his wife and children split from the rest of the family, consoled by a golden handshake estimated at $380 million...
...successor at Montedison was arrested and extradited from Switzerland. Giuseppe Garofano was brought back to Milan and immediately began giving investigators a detailed rundown of the company's double bookkeeping and multimillion-dollar payoffs to politicians. He gave them enough to issue warrants for the arrest of five top Ferruzzi executives, including Gardini...
...Ferruzzi says its purchases -- a reported 30 million bu. of soybeans in the past 18 months -- were a legal effort to ensure adequate supplies for its customers. Many traders believe Ferruzzi's two largest U.S. rivals, Archer Daniels Midland of Decatur, Ill., and Cargill of Minneapolis, felt the pinch from rising prices and complained to the c.b.o.t. Said one trader: "Older, established firms ganged up on the new, foreign kid on the block." With prices taking a near panic dive, Ferruzzi has already lost an estimated $10 million. Harder hit may be U.S. soybean farmers, who last week...