Enel Innocent but not a victim

Italy thinks Enel is the victim of a scurrilous French stitch-up. The outrage at how Paris has blessed a merger of Suez and Gaz de France, so putting a spanner in Enel’s own plans to take over Suez, is palpable. But Enel is not merely a victim. Fulvio Conti, its boss, has shown himself to be an innocent abroad. He misjudged the politics, and his own strength. If Conti had managed to put a firm bid on the table - and the French had then engaged in dirty dealing to prevent his offer proceeding - ...