The last emperor

For 40 years, all roads of Italian capitalism have led to a single man at a single merchant bank – Enrico Cuccia and Mediobanca. During the past four years this obsessively secretive 80 year old, whom his close friend André Meyer considered to be Europe’s best financier, was nearly dethroned. He stays, but what succeeds him? Steven Solomon looks at the man who has built up Italy’s oligopolistic family capitalism.

At 4.30 pm on Friday December 4, 1987 Mario Schimberni for the last time called to order the board of directors of Montedison at the second floor director’s room at the company’s Milan headquarters at Foro Bonoparte. He read seven pages of numbers that attested to the fact that in his seven years as chairman he had managed one of the most remarkable corporate turnarounds in recent history. Then, involuntarily, he turned over the reins of Italy’s second largest company to Raul Gardini.

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