Word: mediobanca
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...salotto buono, "good drawing room," was held together largely through the shrewd deals put together by Enrico Cuccia, the legendary head of Mediobanca who died last year. As a result of rather Byzantine legislation, Mediobanca was Italy's only merchant bank for decades, which meant virtually no big deals were done without Cuccia. But by the late 1990s, the Cuccia-Agnelli alliance began falling apart. Mediobanca sided with Colaninno when he and his wealthy backers made their move for Telecom Italia. It was a direct challenge to the Agnellis, who had installed their own man to run the former state...
...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 15% of Montedison - and started Italian investors buzzing about the future of businesses ranging from Europe's third-largest insurer to Italy's leading newspaper to a top fashion-design house. "After 50 years, the rules of the game are finally changing," says Fabio Gallia, managing director...
...Battle for Montedison MONTEDISON: A Milan-based conglomerate (2000 revenue: $12 billion) with holdings in energy, agriculture, engineering, and chemicals. Among Montedison's key 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...
Nonetheless, some countries remain undeterred. Mediobanca, the leading Italian merchant bank, with assets of $130 million, is still expected to go on the block sometime next year. In Britain, despite the BP setback, Chancellor Lawson last week predicted that privatization would go "from strength to strength." The next item of government business is privatization of Britain's $76 billion worth of electrical utilities...
...successful turnaround to become Europe's best- selling automaker, the Tripoli government refused to part with its shares. Last week Libya, presumably strapped for cash by low oil prices, handed over its shares for a handsome $3 billion. Two of the buyers, West Germany's Deutsche Bank and Mediobanca of Milan, plan to offer their stake to investors, in one of the largest secondary placements to date in the burgeoning Euroequities market...