Italian Clans Build Cash Pile After Record $67 Billion of Deals - Bloomberg Business
...a rising trend of prominent Italian entrepreneurs seeking to diversify their fortunes after selling family assets to take a more financially-oriented role in companies across industries and countries,...
..."As a consequence of the economic crisis, which started in 2008, some farsighted families understood that the only way to let their business survive in the global environment is to become part of bigger transnational group, leveraging on their capital, international connections and capabilities,” Tortorici said...
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While the downside for Italy is losing the ownership of iconic brands such as Loro Piana SpA and Alitalia SpA, the upside is preservation of jobs and opening the way for new investments by industrial families that have struggled in the last few years to expand their businesses amid the deepest recession since World War II. That’s the case of unprofitable car designer Pininfarina SpA, which was sold by the family of the same name to India’s Mahindra in December, giving a future for its Italian workers.
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