Word: michelins
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...that most alarming of threats, the allies last week mounted two large-scale counteroffensives, virtually the first of such major sweeps of the Abrams era. West of Saigon, some 10,000 troops from three U.S. divisions, using tanks and armored vehicles, swept through sections of the huge, French-owned Michelin rubber plantation in an effort to rout some 7,500 Communist soldiers. Only 40 miles from the capital, the overgrown, colonial-era plantation was being used as a staging ground for what the allies feared would be an assault on Saigon. In I Corps, the 3rd Marine Division completed their...
...months ago, Fiat leaped further across national borders-and advanced the cause of European integration-by taking over France's Citroën. Agnelli personally negotiated the deal with some friends, France's tiremaking Michelin family, which controls Citroën. Agnelli sought an outright takeover, but Charles de Gaulle objected and the French government limited Fiat to a 15% holding in the firm. In fact, Fiat will get effective control of Citroen through a complex holding-company arrangement. "Have no doubts about it," Agnelli told a friend. "The merger is complete." When the Fiat-Citro...
...strings attached. Yet Fiat will actually have much more leverage than that, since it will have a large share of a holding company that will control its new partner, Citroën. Most of the holding company's stock will come from France's tire-making Michelin family, which now owns over half of Citroën and which opened the original merger talks with Agnelli, an old friend of the family...
...Gaulle's ruling on the deal was a somewhat ambiguous "No, but yes." No, Fiat could not buy the Citroen shares from the tire-making Michelin family. But yes, Fiat and Citroen could cooperate, so long as their mutual dealings did not affect "conditions of employment" and the "equilibrium of the auto market in France," That means that little, if anything, can be salvaged from the original deal, The two companies had intended to share manufacturing plants and probably to channel more Citroën work to Italy's lower-wage labor market, They also had planned...
...problem seems remote. Bercot insists that his company will "not fall under Fiat control"-"but what he has negotiated is not too far short of a Fiat takeover. According to the reported agreement, Fiat will buy a 30% interest in Citroën, presumably from the tiremaking Michelin family, which holds 56% of Citroën. Fiat would then reduce Citroën's dangerous $100 million-plus debt, almost $56 million of which is owed to the French government. In turn, Citroën would give Fiat access to its French dealer network, and the two would share...