Word: montecatini
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Ghost and Hammer. Archetypical of the new manager is Eugenio Cefis, 50, president of Montecatini Edison, Italy's largest industrial firm. Except for a brief postwar fling at private enterprise, Cefis, who was trained as an economist, has spent most of his career working for ENI, the state-owned petroleum syndicate. Known as "The Ghost" because of his aversion to publicity, Cefis became the shadowy, indispensable Mr. Fixit at ENI. After he became ENI's president in 1967, he built a sound management team by breaking with ancient Italian tradition and wisely delegating authority...
Nobody expected miracles when Cesare Merzagora, an accomplished businessman and former leader of Italy's Senate, took over six months ago as president of Montecatini-Edison, the country's largest industrial firm. The Milan headquarters of the overdiversified chemical colossus was torn at the top by a management divided into two hostile camps-representatives of the government's substantial interest and champions of private investors (including the Agnelli and Pirelli families)-which held equal stakes. Directors had hoped that the appointment of Merzagora, 71, would keep both factions in balance and allay fears that the state...
There have been tension and trouble ever since 1968, when two state-run enterprises, ENl and IRI, bought a major block of stock in Montecatini-Edison. The state companies want Italy's chemical industry welded into a cartel strong enough to thwart foreign competitors. The government's men have proved to be far more dynamic and adept at grabbing power than the representatives of private shareholders. Now the state's executives are likely to move into the vacuum created by Merzagora's departure. In Italy, the government already has monopoly control over electric power, telephones, railroads...
...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...