Word: valerio
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Dates: during 1960-1969
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...small 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...
...been in India and I know the meaning of passive resistance. We will stay here ten days if necessary." A filibuster was on. Every now and then, somebody would jump up and shout: "Shareholders of Montedison, resist!" The meeting went on for 17 hours until 2:30 a.m. Ultimately, Valerio and the government forces had to accept a stalemate. The proposed rule change was tabled, pending a future session...
...government victory was a sharp setback for Montedison President Giorgio Valerio, 64, who as head of the Edison Group had engineered the 1966 merger. That alliance had been seen as a way of helping Italy's chemical industry to compete in world markets. But Valerio had trouble welding the staffs of the two companies, and the new combine was troubled by runaway costs. Profits declined by 7.4% last year to a reported $75 million...
...I.R.I, moved in. Another factor was last May's general elections, which resulted in a shift to the left and new government pressures for greater program-mazione, or central economic planning. What promoted the move more than anything else was a feud between Montedison's Valerio and Eugenio Cefis, 47, boss of ENI. Cefis was convinced that Italian firms, in order to fare better in foreign markets, had to "coordinate" their sales abroad in a kind of cartel arrangement. Valerio seemed more interested in competing. Cefis, whose obsessive secrecy has won him the appellation "the Ghost," decided...
...with chemical-making Montedison, and the two may unite to form Europe's third biggest industrial company. One change that ENI and I.R.I, appear to have in mind for the future at Montedison is the replacement of its boss with somebody more to the government's liking. Valerio is resigned to that. Government leaders, he admits, seem to be in a position "to do as they like...