(FORTUNE Magazine) – While most Europeans have barely warmed to the notion of hostile takeovers inside their own countries, Carlo de Benedetti has turned up the heat. The hero of Olivetti is vying to take charge of Societe Generale de Belgique, a holding company that controls some 20% of Belgium's industrial output as well as its largest bank. Marvels Martin Waldenstrom, president of acquisition services at Booz Allen & Hamilton in Paris: ''Nobody ever considered this company a possible takeover candidate, especially not by an outsider.'' De Benedetti's goal: to construct the first truly European financial and industrial holding company in time for 1992. That's the year the European Economic Community has targeted for eliminating all remaining financial and commercial barriers among its 12 member nations. Toward that end he has acquired a hodgepodge of companies in Italy, France, Spain, Britain, and West Germany. So far Belgian politicians have refrained from flatly turning aside de Benedetti's bid. Predicts Roger Hornett, European equity strategist for London brokers James Capel: ''If the company can't dilute his 18% stake by issuing new shares, it will bring in a national white knight.''