Italy - San Marino

Too much attention to biscuits and department stores by a huge Italian petroleum concern, considered a fortress enter prize, apparently helped spur its absorption by the Italian government. Financial sources said two state-owned enterprises had acquired controlling in the private giant, Montecatini Edison of Milan. The firm is the largest chemical company in Italy and the second largest in Europe. The two government firms that bought the controlling interest of Montecatini Edison, through discreet purchase of stock over the last few months are the ENI (Ente Nazionlae Idrocarburi, the Italian state oil agency, and the IRI, (Istituro Ricostruzione Industriale) a large government holding company. Photo shows enclosed is the Montecatini's President Mr. Giorgio Valerio

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Absorption Acquired Apparently Biscuits Bought Chemical Considered Controlling Discreet Edison Enclosed Enì Enter Enterprises Firm Firms Giorgio Helped Montecatini Petroleum Purchase Sources Spur State-owned Valerio

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