By G. Grant Amyot
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Extra resources for Business, The State and Economic Policy: The Case of Italy (Routledge Advances in Europeanpolitics)
In the last year’s of Cuccia’s control over Mediobanca, the historic link between the Milanese bank and Fiat was severed: in 1998, the controlling syndicate put together by Mediobanca was ended, and Cesare Romiti, who had originally been proposed to the Agnellis by Cuccia as a manager, left the chairmanship of the company. The next year, Mediobanca supported a group led by Roberto Colannino in his bid to take over the newly privatized Telecom Italia from a syndicate including Fiat (see below, p.
He currently owns the three largest private networks in Italy (Canale 5, Retequattro, and Italia Uno). 3 trillion lire (1998). Other Fininvest holdings are in advertising, publishing, ﬁnancial services, and other media activities (cinemas, ﬁlm-making, video rental outlets). 21 Berlusconi’s economic empire, then, is concentrated in the tertiary sector and the cultural industries. This gives it a ‘post-modern’ character (in fact, he was bitingly satirized by Federico Fellini in the ﬁlm Ginger and Fred) which goes beyond ‘post-Fordist’ models such as ﬂexible specialization.
E. semi-ﬁnished products – and of neglecting the ‘ﬁne’ chemical lines with higher value added. The predominance of foreign-owned ﬁrms in the Italian pharmaceutical industry is taken as a proof of the domestic industry’s backwardness, but even in basic chemicals Italy runs a trade deﬁcit. Nevertheless, since the mid1960s, the chemical industry has been the centre of a series of power struggles and major ﬁnancial operations, most of them involving Enrico Cuccia and Mediobanca: ﬁrst, as we have seen, the Montecatini giant passed into the hands of Edison, which in turn passed into the hands of the state, in the guise of ENI.