Search

Opposition lawmakers in France are trying to delay a bill that would privatize Gaz de France, a prerequisite in the planned $50 billion merger between Gaz de France and Suez S.A. The European Union, French labor unions, and some Suez shareholders have also opposed the merger.

Chief Executive Officer Edouard Michelin, Michelin S.A. of Switzerland has died in a boating accident at the age of 43. The tire manufacturing giant's management is now in the hands of Michel Rollier, the first time a non-family member has run the company.

Prime Minister Dominique de Villepin of France is being investigated for an alleged role in a political scandal against cabinet member Nicolas Sarkozy. Mr. de Villepin is to have asked an intelligence agent to investigate Mr. Sarkozy leading to a smear campaign.

Abertis Infraestructuras S.A. of Spain is to acquire Autostrade S.p.A. of Italy for approximately 14 billion Euros ($17 billion) creating an international toll roads concern. The market value of the new business will be approximately 24 billion Euros. The acquisition is the latest cross border merger promoting the European Union as a single economic zone.

A Franco-Italian battle is heating up over the merger overture by Enel S.p.A. of Italy for Suez S.A. of France. France's president, finance minister and prime minister have privately not approved of the possible acquistion. Enel S.p.A. is filing a complaint with the European Union.

Counterfeit luxury-goods in the European Union are being spurred by Asian knock-offs and internet sales. Giuseppe Festa, a Neopolitan businessman is up on charges of counterfeiting amongst other charges for masterminding one of the largest faux luxury-goods rackets in Europe.

The Italian city of Turin is rebranding itself for the Winter Olympics and wants to be known by its Italian name 'Torino'. The city is spending $15 billion to prepare the city for the Olympics and officials are hoping to transform 'Torino' into a centrepiece of Italian design and architecture.

Parmalat S.p.A. of Italy has relisted its stock on the Milan Stock Exchange, opening at one Euro and closing at 2.99 Euros. The surge in shares was fueled by speculation of a takeover, leaving the dairy company with a market valuation of 5 billion Euros.

Western banks are pushing capital influx into Eastern Europe, growing the economy and the expanding European Union. Foreign banks control 83 percent of Bulgaria's banking industry and 70 percent of Poland's banking sector.

Parmalat S.p.A. of Italy is to relist its stock on the Milan Stock Exchange. Almost two years after surviving Europe's biggest-ever corporate fraud case, the dairy company is looking for investors.

European luxury goods fashion houses would often outsource manufacturing to Eastern Europe and Northern Africa except for their fanciest collections. Rising competition from less expensive brands, increased labour costs and currency fluctuations means even the exclusive lines are now being produced in developing countries.

Robert Polet, Chief Executive Officer of Gucci Group believes high fashion can learn from clothing stores that sell less expensive knockoffs of designer goods and he is encouraging designers to research consumer fashion needs, introducting the dynamc of fashion creation dialogue. These management techniques are reflecting in profits as Gucci Group posted a 13 percent increase in sales to $789 million in the second quarter.

Safilo S.p.A. of Italy is planning an initial public offering to raise $824 million to $1.2 billion by selling 30 to 40 percent of its shares on the Milan stock exchange. The securities float could raise the designer eyewear manufacturer's value by 2.3 billion Euro to 2.5 billion Euro.

Eleven people up on criminal charges in the Parmalat S.p.A. securities fraud case have agreed to plea bargains. Former Chief Financial Officer Fausto Tonna received a two and a half year sentence, while outside counsel Gian Paolo Zini received a two year sentence.

BNP Paribas S.A. of France is to acquire the mortgage lender, Commercial Federal Corp. of the United States for $1.36 billion. The financial trend in European banks is to consolidate through acquisitions to increase revenue.

Investigations into suspected fraud at Parmalat S.p.A. are expected to lead to indictments of more than 50 individuals including the dairy company's founder Calisto Tanzi and its former finance chief Fausto Tonna. It is believed that for many years managers at Parmalat borrowed billions of euros from investors around the world to cover up its losses. Crippled by debt, the company filed for bankruptcy in December 2003.

The Parmalat S.p.A. securities fraud investigation has spread to the dairy companies accounting services, Deloitte & Touche S.p.A. and Deloitte & Touche L.L.P. United States investors picked up approximately $18.1 billion of Parmalat S.p.A. debt on the accounting information from Deloitte and Touche S.p.A. Two United States lawsuits are following an e-mail trail by Adolfo Mamoli of Deloitte and Touche S.p.A. illustrating how Mr. Mamoli tried to influence the United States unit to significantly lower fees.

Citigroup Inc., already under investigation for stock market manipulation in Germany, has been implicated with four other financial institutions in security law violations with the failed Italian dairy interest Parmalat S.p.A. according to a report by Milan prosecutors.

Pirelli & Company Real Estate S.p.A. of Italy has acquired the Italian retail trade chain, La Rinascente S.p.A. Pirelli & Company Real Estate S.p.A. beat out all other international bids.

Italy's Parmalat S.p.A. securities fraud case finds lawyers for executives negotiating for plea bargains so that if charged they may have to serve time. Lawyers are also negotiating to have the trial moved to Brescia or Parma from Milan.

Francois-Henri Pinault has been appointed Chief Executive Officer of PPR S.A. The Gucci luxury goods company is a family affair owned by the founder Francois Pinault.

Fashion house executives are beginning to hardline designers that do not sell. Helmut Lang has exited Prada Holding N.V.

Automobile manufacturers, General Motors Corp. and Fiat S.p.A. are in tense negotiations about a possible deal breaker that could further damage their finances.

Giuseppe Coscioni, an Italian judge, has decided to recognize $20.8 billion in claims against Parmalat S.p.A. the fallen dairy business. Parmalat S.p.A. will then restructure.

In a case concerning the bankruptcy reorganization of dairy products company Parmalat S.p.A., Judge Giuseppe Coscioni will be handing down a decision as to whether such prominent international financial companies as Citigroup Inc. and Bank of America Corp. will be allowed to take part in the defunct company's restructuring. Parmalat's government-appointed administrator, Enrico Bondi, claims that the banks are guilty of having facilitated the corporate corruption and financial cover-ups that led to the demise of Parmalat, and that they should neither be awarded any compensation for their defaulted loans, nor should they be given an opportunity to take part in any aspect of the company's financial reorganization.

Italian shoemaker Geox is planning to launch an initial public offering. The details of the plan are still being discussed, though the company's listing is expected to receive approval soon from market regulator Consob. The offering is being seen as a test of investor confidence in the fashion industry.

In a move understood as a precursor to indictment, Italian regulators in Milan have initiated an investigation of four of the world's leading financial services companies. Citigroup Inc., Deutsche Bank AG, UBS AG, and Morgan Stanley Group Inc. are being investigated for alleged violations of securities law in connection with the alleged fraud at now-bankrupt dairy products company Parmalat S.p.A.

Some Ritz Carlton employees are not happy about a joint hotel operation with Bulgari in which the Ritz Carlton name seldom appears.

Enrico Bondi, the government-appointed administrator of bankrupt Parmalat S.p.A., has filed a suit against Bank of America Corp., claiming that the bank played a role in obscuring Parmalat's dire financial straits just prior to the dairy product producer's collapse. Bondi believes that Bank of America's complicity in Parmalat's alleged fraud was not limited to its Italian offices, but was an effort carried out by several of the bank's foreign divisions.

Bulgari Hotels and Resort is a joint venture of Marriott Corp. and Bulgari S.p.A. Marriott's Ritz-Carlton chain has not derived the benefit that was expected from the arrangement.

The demise of Parmalat S.p.A. has led to investigations of several questionable transactions, involving a number of financial institutions and the bankrupt dairy products company.

Bank of America Corp., Citigroup Inc. and Credit Suisse First Boston L.L.C. are being investigated by Parmalat s.P.a.'s new management as to their role in the downfall of the company and the cover-up of fraud.

Enrico Bondi, the government-appointed administrator of fallen dairy giant Parmalat S.p.A., launches the fifth lawsuit on behalf of the company, this time against investment bank Credit Suisse First Boston L.L.C.. Attorneys representing Parmalat investors are watching carefully, concerned about potential conflict with investor interests.

Bankrupt Italian dairy products company Parmalat S.p.A. has filed suit against the Italian subsidiaries of two major U.S. accounting firms, Deloitte & Touche L.L.P. and Grant Thornton L.L.P. Parmalat claims that Deloitte Touche Tohmatsu and Grant Thornton International failed in their capacities as auditors of the company. Parmalat has since failed due to widespread corporate fraud.

Parmalat S.p.A. sues its former auditors Deloitte & Touche L.L.P. and Grant Thornton L.L.P. for $10 biilion. The lawsuit is the fourth filed by the firm's government-appointed administrator, Enrico Bondi against firms that have done business with the collapsed dairy industry giant .

Parmalat S.p.A. sued Deloitte & Touche and Grant Thornton for $10 billion in damages. The Italian government adminstrators of Parmalat claim that the accounting firms failed to perform proper audits and even took part in the fraudulent practices which ruined the dairy company.

Enrico Bondi, administrator for Parmalat SpA appointed by the Italian government alleges that the company's managers were aided in their fraud by Citigroup Inc., and has launched a lawsuit against the bank.