Merger delayed

PUBLISHED : Sunday, 15 October, 1995, 12:00am
UPDATED : Sunday, 15 October, 1995, 12:00am


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THE merger of Italian holding company Gemina with Ferruzzi Finanziaria and parts of Fiat has been delayed by two months. The company's board of directors also reduced the power of the company's top two executives and removed two others.

Terms of the share swaps to create the so-called 'Super Gemina' project, which would be Italy's second largest company with sales of 38 trillion lire (about HK$184.8 billion), were supposed to be announced later this month.