Mediobanca
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Mediobanca, once known as "The shadowy Milanese Investment Bank" was founded by Enrico Cuccia in 1946 to facilitate the post-WW2 reconstruction of Italian industry. From then until the end of the century it took an active and usually decisive role in nearly every major merger, takeover and industrial restructuring. Their final and perhaps greatest coup was their decisive role in the takeover of Telecom Italia by Olivetti and Roberto Colannino, where against all odds the transformational deal was decided by the narrowest of margins with 51% of shareholders voting in favour of the deal. However, by this time old-style Italian capitalism was on the decline, and back-room deals were no longer seen as the epitome of good business practice. The death in 2000 of Enrico Cuccia at the age of 92 sealed its fate.
Cuccia's anointed successor, Mr. Maranghi, soon ran into trouble. In October 2002 he faced the first shareholder revolt in Mediobanca's history, with hostile minority shareholders accusing the board of running Mediobanca's affairs for influence rather than profit, following Mediobanca's behind-the-curtain firing of Gianfranco Gutty, the CEO, for Italy's insurance giant Generali a month earlier. The resulting struggle had enemies and friends lining up on each side, but critically Profumo of Unicredito lead the charge against Mediobanca's old guard. Finally, early in April 2003, Vincenzo Maranghi was forced to step down from the board, heralding in the start of a new era of Anglo-saxon capitalism in Italy.
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