Sr. took over after the death of Marcus Wallenberg Jr. in 1982. For many outsiders, the change in leadership marked a final moment in the family's more than 100-year dominance of the Swedish banking and industrial sectors. Yet Peter Wallenberg Sr. rose to the challenge, guiding Investor and Sweden's industry into a new era. Peter Wallenberg Sr. focused his interests on the family's investment companies, Investor and Providentia. Investor became the family's new flagship business, and under Peter Wallenberg's leadership began actively promoting the restructuring of most of the industrial companies under its control, replacing board members and promoting younger CEOs and other management. Under Peter's leadership in the 1980s and 90s, Wallenbergs ASEA merged with Swiss Brown Boveri into ABB, Wallenbergs' Astra merged with British Zeneca into AstraZeneca, Wallenbergs' STORA merged with Finnish Enso into Stora Enso. Already in 1970s, Peter Wallenberg established contact with top of the Chinese Communist Party. Peter was a close friend of Jiang Zemin, who visited Sweden. Peter had also close contact with Hu Jintao who, like Zemin, visited Sweden. Peter hosted a dinner for Hu Jintao. When Henry Kissinger started his consulting firm, Kissinger and Associates, on Park Avenue in New York, the Wallenbergs were his key clients. For a fixed fee of $200,000 per year, Kissinger took upon himself, or with the help of one of his employees, to go through the situation in the world together with company management, and for a fee of $100,000 a month, the firm was also available for special projects. In the 1980s, Kissinger helped the Wallenbergs to export high technological equipment illegally to Eastern Europe. In 1983, a delegation consisting of Peter Wallenberg Sr. and the Wallenberg CEOs Curt Nicolin of ASEA (ABB) and Hans Werthén of Electrolux, met with Minister of Finance Donald Regan on the issue of world trade, restrictions on steel, etc. It was reported that the Minister of Finance was optimistic. The Americans raised the issue of the difficulty for foreign banks to establish themselves in Sweden. The restrictions annoyed the Americans. In September 1987, Prime Minister Ingvar Carlsson officially visited President Ronald Reagan. The visit began with a welcome ceremony and ended with festive dinner in the White House. Ingvar Carlsson had avoided to include industrial directors in his official delegation which instead consisted of one opera singer, Birgitta Svendén, a Nobel laureate, Bengt Samuelsson, and tennis player Björn Borg.