The strong blue-chip stocks in the world are generally decentralized holding companies. For instance, when you buy Berkshire Hathaway stock, there are layers of separation between it and GEICO, its most famous insurance subsidiary.
Berkshire Hathaway has a 100% ownership interest in Government Employees Insurance Company, and in turn, this company owns (1) GEICO Indemnity Company; (2) GEICO Casualty Company; (3) GEICO Advantage Insurance Company; (4) GEICO Choice Insurance Company; (5) GEICO Secure Insurance Company; and GEICO County Mutual Insurance Company. That is just on the underwriting side. The sales of GEICO policies occur through GEICO Insurance Agency, Inc., which is 100% owned by Government Employees Insurance Company, which in turn is owned by Berkshire Hathaway, Inc.
Each of these individual smaller companies has its own capitalization structure (i.e. cash and debt with a unique balance sheet), its own management team, and follows its own set of corporate formalities.