Abstract
Another chapter in the long-running saga of the troubled Italian chemical company Enimont is unfolding, but resolution seems as far away as ever. At the center is Raul Gardini, the flamboyant head of Ferruzzi Group, which has majority control of Enimont. Gardini is ramrodding a vast shakeup of Enimont and already has forced the angry resignation of its chairman, Antonio Lorenzo Necci. Last year was a bad one for Enimont, the product of a January 1989 merger between the chemical portions of state-owned Ente Nazionale Idrocarburi (ENI) and the privately held giant, Montedison. Faced with the need for serious restructuring and cutbacks in capacity, and battered all year by in-house wrangling, the company was never able to accomplish much. So early last week Gardini proposed a restructuring that would essentially absorb Enimont into Montedison. He is proposing to add two Montedison representatives to the evenly split 10-member Enimont board, and he wants to transfer to ...
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