Word: montecatini
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Dates: during 1960-1969
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...Barzini, preferring to protect themselves by rigid organization. Barzini's theory is especially borne out among old-guard Italian financiers. To preserve their power - and the value of their investments - they arrange for their firms to control one another through a cozy network of holding companies. Chemical-making Montecatini Edison, Italy's largest private industrial corporation, was long the leading shareholder in both Italpi and Sade-Finanziaria, holding companies that, as it happens, control Montecatini Edison. Italmobiliare is 100% owned by Italcementi, an important shareholder in Bastogi, which in turn owns more than 10% of Italcementi...
...come under attack from several fronts lately, as both the government and forward-looking private investors have sought to pry open the country's long-closed business establishment. Acting through a state-owned investment bank, the government-owned holding companies ENI and IRI quietly bought effective control of Montecatini Edison last October. Once in power, the state agencies ousted both Sade-Finanziaria and Italpi from a syndicate of controlling stockholders because the companies were owned by Montecatini...
...investor in Europe, the rule has long been to put up and shut up. He could buy a company's stock, but for him to complain about the company's management was not done. No wonder, therefore, that last week Giorgio Valerio, chairman of Italy's Montecatini Edison, was in a state of shock. At the annual meeting of Italy's largest private company, the long-frustrated small stockholders angrily showered Valerio with a mixed barrage of small coins, epithets and crumpled copies of the company balance sheet. Their urgent message was that it was time...
...Street's biggest deals, including the 1966 McDonnell-Douglas merger, for which his firm's fee was $1,000,000. Besides serving as investment banker to such companies as ITT and Owens-Illinois, he is a director of RCA and Allied Chemical in the U.S., Fiat and Montecatini Edison in Europe...
More than Equal. Montedison was formed in early 1966 by a merger between Montecatini, a chemical-minerals complex, and the Edison Group,* a private power company that wisely had begun branching into chemicals, steel and other goods before Italy nationalized power in 1962. Soon after the merger, I.R.I. and ENI began secretly buying Montedison stock. By last week they had accumulated at least 15% of the stock, making the government the firm's largest single shareholder. The state-run corporations set UD a new shareholders' syndicate, in which ENI-I.R.I. will have an equal voice with...