Agnelli died today at 81

[gheba_nsx]

http://www.cnn.com/2003/BUSINESS/01/24/fiat/index.html

For sure a man that took an important part in the automotive history (both in the good and in the bad). Quite impressive this fact that I really did not know:

"At one time Agnelli controlled a quarter of the entire Italian stock exchange worth $25 billion.", this sounds incredible if you think that Italy is the 6th country in the world for economic power!

Anyway, a sad day for our friend/enemy Ferrari...

 

[Lud]

Thought this was interesting reading:

---------------


TURIN, Italy, Jan 24 (Reuters) - The Agnelli family empire, whose patriarch
Gianni has died, ranges from cars and tractors to jet engines, newspapers,
insurance and energy, spanning 61 countries from South America to the Far
East.


At the centre of the Agnelli galaxy is 104-year-old carmaker Fiat <FIA.MI>,
which is controlled by the family via their Ifi <IFPI-p.MI> and Ifil <IFLI.MI>
holding companies. Following is a summary of the Agnelli businesses:


FIAT STATISTICS


From an automotive start in 1899, Fiat grew into a major industrial group and
is Italy's biggest private sector employer.


* Fiat was the number six auto group in Western Europe in 2002 in terms of
unit sales and number 10 in the world.


* Fiat sales totalled 58 billion euros in 2001, about five percent of Italy's
gross domestic product.


* Fiat has 1,063 companies and 242 factories; in 2001 it had 223,000
employees, about half in Italy. This year, Fiat has cut about 10,000 jobs in
Italy.


PRINCIPAL SHAREHOLDERS


* The Agnelli family owns 35.03 percent of Fiat. Within that, Ifi holds 17.99
percent, Ifil holds 12.4 percent, and the rest is in the hands of other
family-controlled companies.


* Other shareholders who own more than two percent are: Generali <GASI.MI>
with 3.13 percent, Mediobanca <MDBI.MI> with 3.09 percent, Libyan Arab
Foreign Investment with 2.28 percent, Sanpaolo IMI <SPI.MI> with 2.76
percent, Deutsche Bank with 2.81 percent and Southeastern Asset Management
with 2.65 percent.


AUTOMOBILES


The core of the Fiat empire is Fiat Auto, grouping the Fiat, Alfa Romeo and
Lancia brands. It also owns sportscar firms Ferrari and Maserati.


* In March 2000, General Motors Corp. <<A HREF="aol://4785:GM">GM.N</A>> took a 20 percent stake in Fiat
Auto in exchange for Fiat taking 5.1 percent of GM; the deal gave Fiat a
"put" option to sell to GM the rest of Fiat Auto at fair market value from
2004 until 2009.


* A Fiat-GM joint venture, Powertrain, develops transmission systems and
diesel engines and they also pool parts-buying.


* Fiat owns 56 percent Ferrari. In June, Fiat sold 34 percent of Ferrari to
Mediobanca which then sold 12.5 percent of Ferrari to a consortium of banks
with the aim of listing the company. The other 10 percent is owned by the
Ferrari family.


ITALENERGIA-EDISON


* In 2001, a Fiat-led group Italenergia, which included Electricite de France
1/8EDF.UL 3/8, took over conglomerate Montedison which controlled Italy's
number two power firm Edison <EDN.MI>.


AGRICULTURAL MACHINERY


* Fiat owns 84.4 percent of CNH Global NV <<A HREF="aol://4785:CNH">CNH.N</A>>, the world's largest maker
of tractors and combines, accounting for around one sixth of Fiat's turnover
in 2001.


INDUSTRIAL AND COMMERCIAL VEHICLES


* Fiat owns 100 percent of commercial vehicle and truck manufacturer Iveco,
which has units in Europe and Latin America.


BANKS AND INSURERS


* Fiat owns 100 percent of insurer Toro Assicurazioni, which had premium
income of 5.75 billion euros in 2001. Toro owns 6.6 percent of Capitalia.


* Ifi and Ifil hold five percent of Sanpaolo IMI.


MACHINERY


* As Fiat grew in the 20th century it created its suppliers, which are now
split into units including Comau (assembly line tools), Magneti Marelli
(components) and Teksid (castings).


AEROSPACE


* Fiat Avio is Fiat's most profitable unit and makes parts for aeroplane
engine makers and for military aircraft.


TELECOMS


*Ifi and Ifil jointly hold 33 percent of Atlanet, a telecoms joint venture
with utility Acea <ACE.MI> and Spanish telecom company Telefonica <TEF.MC>.
Atlanet has 12 percent of consortium Ipse 2000, which holds a UMTS licence.


PUBLISHING


* Fiat's publishing arm Itedi owns newspaper La Stampa.


* Family unit Sicind holds 10.2 percent of HdP <HPI.MI>, which owns Italy's
leading daily newspaper Corriere della Sera.


RETAIL


* The family controls department store chain La Rinascente via Eurofind. Ifil
has a 51 percent stake in Eurofind with the remaining 49 percent held by the
French group Auchan. Auchan has an option to take 100 percent control of
Eurofind.


SOCCER


* Ifi owns 63 percent of soccer club Juventus <JUVE.MI>.


TRAVEL AND TOURISM


* Holdings include 32.9 percent of the voting rights in Club Mediterranee <
CMIP.PA>, via its Exor Group unit.


* Alpitour, a tour operator which operates also under the names of
Francorosso and ViaggiIdea.


PAPER


* The Agnelli family is present in the sector with Worms & Cie, purchased in
1997 by Ifil.


STRATEGIC STAKE IN MEDIOBANCA


* The Agnellis hold just under two percent of investment bank Mediobanca and
are members of the bank's controlling pact.


WINE

* The family owns 75 percent of famous French vineyard Chateau Margaux.

 

[Lud]

TURIN, Jan 24 (Reuters) - Fiat's <FIA.MI> honorary chairman, Gianni Agnelli,
died on Friday as the company his grandfather founded battles through the
worst crisis in its 104-year history.


Following are some of the milestones along Fiat's bumpy road:


1899 - Fabbrica Italiana Automobili Torino (FIAT) founded.


1900 - First Fiat plant opens with 35 staff; makes 24 cars.


1921 - Gianni Agnelli born.


1939-1945 - Agnelli is a tank commander in Mussolini's army during the Second
World War but switches sides following the fall of Italian fascism and
assists in Allied liberation.


1946-1962 - Agnelli joins Fiat as vice-chairman but spends much of his time
away from work, playing with the jet set.


1953 - Agnelli marries princess Marella Caracciolo.


1963 - Agnelli knuckles down to work, becomes Fiat's managing director.


1966 - Agnelli becomes Fiat chairman.


1969 - Fiat buys Lancia carmaker and half of Ferrari. Growing labour unrest
sparks 15 million hours of strikes.


1973 - Fiat suffers first operating loss as result of worsening strikes and
the first oil price shock.


1976 - Industrialist Carlo De Benedetti recruited as managing director to
reverse a sales slump; only lasts four months. Libya buys just under 10
percent of Fiat, sparking outcry at sell-off by Italian institutions.


1976 - John Elkann, Agnelli's grandson and heir, born.


1980-1985 - Fiat cuts more than 100,000 jobs.


1986 - Fiat beats Ford <<A HREF="aol://4785:F">F.N</A>> to buy Alfa Romeo from the Italian government,
making it Europe's largest automaker. Libya sells its stake back to the
Agnellis and a consortium led by investment bank Mediobanca <MDBI.MI>.


1991 - Agnelli appointed life senator for his part in building nation's
wealth and being an anchor in its turbulent politics.


1996 - Agnelli steps down as chairman and is made honorary chairman. Cesare
Romiti, a Mediobanca ally, takes over as chairman and Paolo Cantarella as
managing director.


1997 - Romiti convicted for tax fraud, falsifying accounts and making illegal
political contributions.


1997 - Agnelli's nephew Giovanni Alberto Agnelli, groomed to take over Fiat,
dies of cancer at the age of 33.


1998 - Romiti retires as chairman, replaced by Paolo Fresco. Fiat Auto
punished by slump in key Brazil market and price war in Italy; group net
profit halves to 1.77 trillion lire.


2000 - Banks, including Mediobanca's powerful leader Enrico Cuccia, urge Fiat
to sell Fiat Auto to DaimlerChrysler.


July 2000 - Fiat sells 20 percent of Fiat Auto to General Motors Corp. <<A HREF="aol://4785:GM">GM.N</A>>
for $2.4 billion in GM stock. Fiat agrees an option to sell GM the rest
between 2004 and 2009.


November 2000 - Agnelli's son Edoardo commits suicide.


March 2001 - Fiat sells one third of its Magnetti Marelli auto parts unit.
Further sell-offs delayed by economic slowdown.


August - Fiat leads takeover of Montedison, Mediobanca's prize asset, to gain
Italy's number two power company Edison.


December - Fiat Auto CEO Roberto Testore resigns, replaced by Giancarlo
Boschetti. Fiat cuts 6,000 jobs around the world and says selling non-core
businesses in favour of car assets.


February 2002 - Fiat posts 2001 pre-tax loss of 497 million euros ($536
million) vs. 1.05 billion euro profit in 2000 after car sales slow. Worse to
come as Fiat cuts unprofitable sales.


May - Fiat says to list sportscar maker Ferrari. Fiat Auto cuts 3,000 jobs,
sparking strikes; slashes 2002 sales forecasts.


May - Fiat clinches a 3.0 billion euro loan from banks IntesaBCI <BIN.MI>,
Capitalia <CPTA.MI>, Sanpaolo IMI <SPI.MI> and Unicredito <CRDI.MI>. The
banks offer to buy Fiat investments to cut its debt. If Fiat cannot pay the
money back, or if it misses debt-cutting targets, the banks can convert debt
into equity, worth about a third of the group.


June - Paolo Cantarella quits after 25 years with the group. Gabriele
Galateri, head of Agnelli family holding company IFI, named CEO.


June - Fiat sells 34 percent of Ferrari to a Mediobanca-led group, a warming
of relations after the Montedison raid.


September - Fiat CFO Daniel Clermont loses his job, replaced by Ferruccio
Luppi.


October - Fiat asks for crisis status from government; says to lay off 8,100
workers across Italy and shut down its Sicilian plant. Workers strike,
blocking airports, roads and buildings.


October - GM writes down Fiat Auto stake to $220 million.


October - Fiat recapitalises the auto unit by cancelling intra-group debts.


December - Prime Minister Silvio Berlusconi openly criticises Fiat
management. He adds he would gladly take the helm of the company if he were
not already busy as premier.


December - Fiat gets go-ahead to lay off thousands of workers; rushes through
asset sales to meet creditors' debt targets.


December - Galateri quits as CEO, goes back to job at Ifi.


January 2003 - Various industrialists pen plans for Fiat.


January - Fresco confirms group considering splitting Fiat Auto away from
other units and recapitalising business.


January - Agnelli family tries to quench rumours of internal bickering.
Gianni Agnelli hands over voting rights in family holding to wife and sister.
Names grandson John Elkann as legal representative.


January 24 - Fiat says Gianni Agnelli has died. Younger brother Umberto takes
over as head of family holding.