TAKEOVERS: Down, But Not Out

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Belgians were outraged when Italy's Carlo De Benedetti, 53, the aggressive chairman of Olivetti, announced plans last January to take control of Societe Generale de Belgique, their country's largest and most diversified company. Last week, with the help of Compagnie Financiere de Suez, a French merchant bank, they managed to stop him -- at least for the moment.

The showdown came at an emergency stockholders meeting demanded by De Benedetti and his allies, where more than 1,000 shareholders crowded into a carnival tent set up behind Societe Generale's elegant offices in Brussels. Despite a last-minute plea by De Benedetti, in which he argued that the 166- year-old conglomerate, best known as La Generale, needed better management, he was rebuffed.

De Benedetti may not have managed to muster the majority vote needed to take control of the firm, but La Generale has not heard the last of him. He still holds 45% of the shares, more than enough to have a major voice in the restructuring process that the firm now plans to undertake. Said he: "Sooner or later, in a week, in a month, in six months or a year, I and my associates will play the major role that belongs to us."