Word: valerio
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...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...
...their personal ideologies from their public practices. Thus, at a state dinner in Rome's tapestry-hung Quirinale Palace, Podgorny broke bread and chatted ami- ably with Fiat's Gianni Agnelli, whose company's struggle with Communist trade unions embittered the immediate postwar years; with Giorgio Valerio, the head of Montecatini-Edison, the electric giant, whose hatred for the left is so virulent that he considered the center-left coalition in Italy little short of treason; and with such other capitalist barons as Olivetti's Aurelio Peccei, E.N.I.'s Marcello Boldrini and Finsider...
Free from Competition. The merger, the immensity of which will have billowing effects on every financial empire in Italy, will enable Faina to cut costs. It will also bolster power-shorn Edison; under President Giorgio Valerio, 61, Edison has used its expropriation cash to move into electronics and heavy machinery, but most strongly into chemicals, where it has become Montecatini's principal rival. The merged company would no longer have to worry about that kind of competition, nor, because of Italy's easy antitrust laws, about facing monopoly charges...