ENI defies market timing
Article Abstract:
ENI SpA, an Italian oil producer, is preparing for its fourth public offering scheduled for next week. ENI is the world's sixth-largest publicly listed oil company by net profit with a variety of so-called downstream businesses in oil refining and marketing, natural-gas transportation and distribution, and petro-chemicals. The firm was able to report first-quarter results well above the industry trend even with only 20% of its sales in so-called upstream business or oil exploration and production. ENI's operating profit rose 3% to 3.9 trillion lire from sales which fell 1.3% to 16.3 trillion lire or US$9.14 billon lire from a year earlier.
Comment:
Is preparing for its 4th public offering scheduled for next week
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Row forces Gamberale to quit Telecom Italia
Article Abstract:
Telecom Italia SpA has witnessed the departure of General Manager Vito Gamberale. Sources close to Gamberale stated that he resigned from Telecom Italia after a dispute with company chairman Gian Mario Rossignolo regarding Gamberale's proposal to reassign management positions. Gamberale was supposed to become Telecom Italia's CEO in February 1998 when Rossignolo claimed the executive power after then-CEO Tomaso Tommasi di Vignano was forced out of his position. Instead of handing Gamberale the CEO seat, Rossignolo formed three general manager positions, where Gamberale stayed before his recent departure.
Comment:
Witnesses the departure of General Manager Vito Gamberale
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Telecom Italia board set to limit Rossignolo role
Article Abstract:
Telecom Italia SpA decided to restrict the scope of executive chairman Gian Mario Rossignolo's powers because of different management mishaps that decreased the firm's stock value, indicated its board of directors. Stockholders also asked the board of directors to take action temporarily. In addition, the board will need to choose a new chief executive officer in a few months' time to help secure the company's stability. Telecom Italia's three general managers will answer to the board until that official has been found.
Comment:
Needs to choose a new chief executive officer in a few months' time to help secure the company's stability
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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