Word: finelettrica
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Dates: during 1965-1965
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Under President Vito Di Cagno, 67, a Christian Democrat who proved his administrative skill as president of IRI Finelettrica, one of the five largest electric companies in Italy before nationalization, ENEL has at least had the benefit of levelheaded management. From the start, Di Cagno has steadfastly resisted political pressures from the left and right, refused to permit the agency to become a pork barrel. All of ENEL's 828 executives come from the old companies, but most of its problems are the fault of nationalization itself...
...dispossessed power companies are using their compensation to invest in profitable new private enterprises. Edison, whose corporate shell was left in private hands after nationalization, is now a leader in chemicals, computers and farm equipment. Adriatic Electric has merged with huge and powerful Montecatini. Even the state-owned IRI Finelettrica-which managed to get "nationalized" by being swallowed up by ENEL-has shifted its investments into steel and a nationwide telephone system, is now channeling compensation money into new industrial development in southern Italy...
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