Top Olivetti officer returns to active duty; De Benedetti takes reins from Cassoni to arrest computer firm's slide

Article Abstract:

Carlo De Benedetti, who controls 42 percent of Ing C. Olivetti & Co, will assume the duties of chairman and managing director of the company in an attempt to stop a continuing fall in earnings. Vittorio Cassoni, who has been managing director since 1988, will retain his title but will assume duties that have to do with the company's international affairs. The company experienced a pretax loss of 73.7 billion lire ($59.6 million) in the first six months of 1991, which is Olivetti's first loss in 13 years. Company officials cite international market conditions as a reason. De Benedetti's decision to assume personal control over management, they say, implies no criticism of Cassoni.

Executive, Outlook, Financial Stability, de Benedetti, Carlo, Cassoni, Vittorio

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N.V. Philips, Olivetti end talks aimed at cooperating in computer business

Article Abstract:

Talks between N.V. Philips and Olivetti concerning cooperation in the computer business have ended because of what some analysts believe to be N.V. Philips' unprofitable computer division. N.V. Philips, which has stated that computers are very important to the company, ranks 11th or 12th in the European computer industry and is considered to be too small and ill-focused to thrive on its own. Neither company would elaborate on the talks and both are still seeking alliances in the computer business. A more detailed account of N.V. Philips computer strategy is expected to be presented at a shareholder's meeting on Jul 2, 1990.

Negotiations, Philips Gloeilampenfabrieken N.V., Strategic Planning, Computer Industry, Cooperative Agreements, Failure, Negotiation

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Olivetti must rethink software strategy following rejection of bids for Finsiel

Article Abstract:

Ing. C. Olivetti & Co was rejected by the Italian state holding company, Instituto per la Ricostruzione Industriale (IRI), in Olivetti's attempt to acquire Finsiel SpA, the state software company. The IRI sees software as an important area of growth for Italy's state industries. Carlo De Benedetti, Olivetti's chairman, believing that Olivetti's own software business was too small to compete effectively, had urged the IRI to allow the merger. Now that the merger is refused, Olivetti will be forced to look outside of Italy for an acquisition if the company is to grow as Chmn De Benedetti believes that it must.

Prepackaged software, Computer software industry, Software industry, Mergers, acquisitions and divestments, Acquisition, Merger, Finsiel S.p.A.

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