Word: fiat
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Chaos theorists suggest that a flap of a butterfly's wings in Brazil could set off a chain reaction that results in a tornado in Texas. The interdependent world of Italian finance works in much the same way. Early this month, the automaker Fiat - admittedly, a rather large butterfly - joined in a hostile bid for Montedison, a conglomerate whose far-flung holdings include Italy's largest private-sector electric company. Such transactions would hardly seem to be the stuff of high drama. Yet that one move called into question the power of the élite investment bank Mediobanca - which owns...
...holdings is a majority stake in power producer Edison. MEDIOBANCA: Besides its position as Italy's largest merchant bank, Mediobanca also holds stakes in the giant insurer Generali and the media and fashion group HdP. Until Italenergia came along, its 15% ownership of Montedison made it the controlling shareholder. FIAT: Although best known as a carmaker, Fiat has subsidiaries in aviation, insurance, and publishing. It owns over 10% of HdP. It has teamed up with state-owned French energy company EDF to create Italenergia, which could control 52% of Montedison. that controls it, and Milan's Mediobanca. This jumble...
...plans, Rhys says, but he doesn't see Rover having the financial wherewithal late in this decade to replace the costly 75 platform, or the smaller 25. That's why he thinks eventually Rover will need to fall into the arms of one of the big boys, like Volkswagen, Fiat or a Japanese manufacturer. Can Rover beat the odds? Moves like last month's acquisition of the Italian sports-car maker Qvale Automotive, which will help the company launch a new MG sports car next year, show an aggressiveness that is winning management some key fans. "We're increasingly positive...
...Milberg, like top executives at Honda and Fiat, contends that the best way to stay ahead is to rely on partnerships rather than mergers. Schrempp disagrees, telling TIME editors that "consolidation in the industry is far from over." He may be right. But investors around the world are placing wagers on these two visions. And right now, most of the betting...
Formula One Around and Around and Around They Go in formula one motor racing, intriguing twists and turns often take place far from the racetrack. Last week, some of the sport's biggest players - which include Renault, BMW and Fiat - threatened to set up a rival world championship to take off in 2008 when their current Formula One obligations expire. The car-makers were said to be concerned that Kirch, the German broadcasting giant that recently assumed control of Formula One's broadcasting and commercial rights in conjunction with EM.TV, would take the races off terrestrial TV and put them...