Buyouts: At Last, Ciao to Gaddafi

For nearly a year, Fiat Chairman Gianni Agnelli has been trying to rid Europe's largest private automaker of an unwanted partner: the government of Libyan Strongman Muammar Gaddafi. In 1976 Libya purchased a 15% share of the then troubled company for $320 million and won two seats on Fiat's 15-member board. After Fiat executed a successful turnaround to become Europe's best- selling automaker, the Tripoli government refused to part with its shares. Last week Libya, presumably strapped for cash by low oil prices, handed over its shares for a handsome $3 billion. Two of the buyers, West Germany's Deutsche Bank and...