Gianni Agnelli's Latest Salvo
By challenging HdP, he keeps the heat on Mediobanca
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A new front has opened in the battle for control of Italy Inc. Pitted against each other in this contest are two of Italy's most powerful industrial titans: Gianni Agnelli, honorary chairman of Fiat, and his former protégé, Cesare Romiti, who with his son Maurizio now runs Holding di Partecipazioni Industriali, a Milan-based publishing and fashion conglomerate.
Hostilities broke out in late June, when a pack of disgruntled Fiat-led shareholders staged a revolt, fueling market expectations of a hostile bid and driving HdP's share price up 10% in one day. The rebels, who own some 16% of HdP, have given management a six-month ultimatum: Sell the loss-making fashion units, which include Italian couturier Valentino, and focus on publishing.