Every time some foreign group buys an Italian company, national whining is guaranteed and the widespread belief is that foreigners are, piece by piece, colonizing Italy. But the numbers tell another story and a recent report by KPMG for The Economy of Corriere della Sera dismantles myths and prejudices. It is not true that theItaly has become a land of conquest but, on the contrary, it is the medium-large sized Italian companies that are the new ones international champions, who are increasingly investing abroad and investing more than foreigners invest here. Numbers in hand, the KPMG survey shows that in the 10 years from 2014 to 2023, Italy concluded 1.673 acquisitions abroad for total investments of 228 billion, while foreigners invested 203 billion in us. In other words, Italy invests in foreign companies more than foreigners in Italy. However, there is a flip side to the coin and it lies in the fact that, despite investing less, foreigners have purchased 2.948 companies in Italy, that is, more than we have conquered across the border. In summary: we invest in foreign companies more than foreigners from us, but they have bought more companies than us.
The internationalization of Italian companies continues in 2024: 46 acquisitions in the first quarter
There's a'internationalization growing number of our companies going abroad to buy companies both to make the leap in size and to strengthen their market positioning. It is a trend that began ten years ago but which has intensified in the last five with just under a thousand new acquisitions abroad (980 to be precise) and which has continued into the first quarter of 2024. This year, Italian companies have already completed 46 foreign acquisitions for a total investment of 8 billion.
The Italian Fifth Capitalism of medium-sized companies growing abroad is a reality
This phenomenon is talked about Fifth capitalism, that is, an evolution of the Italian Fourth Capitalism of medium-sized enterprises, in which medium-sized companies that invest abroad and have a strong international profile increasingly dominate the scene. But where do Italians who buy companies abroad invest? The major foreign deals of Italian groups concern our private and public giants and have involved Stellantis, Eni and Leonardo. But it is the dynamism of Fifth Capitalism that is surprising and which sees our medium-sized companies investing and acquiring businesses across borders, especially in pharmaceuticals (from Alfasigma to Chiesi, from Angelini to Menarini and Diasorin), in telecommunications and media (with Cellnex and Inwit) , consumer products, industrial products and financial services. But where do we invest? In France first of all but also in North America and Asia-Pacific. Fifth capitalism lives and fights with us but increasingly abroad. It is a reality that disproves many prejudices and that encourages a country, like ours, which is always crossed by animal spirits of capitalism but which would need, to make a real leap in quality, an industrial policy worthy of the name. It will really come Industry 5.0? Maybe.
