Word: mediobanca
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Dates: during 2000-2009
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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...