Perhaps it is a bit excessive to claim, as "Il Foglio" wrote, that the last weekend changed the face of Italian capitalism but certainly the warranty notice a John Elkann for tax reasons linked to the very sad legal battle with his mother Margherita Agnelli in De Pahlen, the sale of 36% of Tod’s to a registered fund Arnault, the owner of LVMH who will sooner or later incorporate the company Della Valle who for now maintain control and the sale of Saras to the Swiss-Dutch group Vitol by the family Moratti they are not matters of ordinary administration. Above all, the latter has unleashed the usual litanies about the loss of an icon of Made in Italy for the stock exchange and above all for Italy. It is certainly regrettable that Italian capitalism is unable to find within itself the forces and resources to develop an oil company of the caliber of Saras but Massimo Moratti's explanation is the best response to all the doubts and criticisms. “The sale of Saras – said the President and CEO of Saras – is the best way to guarantee the development of the company”. If the family scions are not interested and the company needs large investments to compete, what else should the Morattis have done? All possible recriminations can be expressed about the weakness of Italian capitalism, but does the future of a company - which in this case is important but not necessarily strategic - matter more than its ownership and its Italian nature? Remember when in 1993 Eni, thanks to the foresight of the CEO Franco Bernabe, sold the New Pinnone to the General Electric? How many misunderstandings and how many reproaches even then to the sellers. But if the Nuovo Pignone has experienced a new spring without the successors of the legendary mayor Giorgio La Pira having to invoke the help of the State, as the Florentines well know, it is precisely due to the investments and development strategy that GE has guaranteed. As he claims Riccardo Perissich, “capitalism and romanticism go badly together”. Therefore, nothing to object to the Morattis.
Moratti and the sale of Saras: the future of the company matters more than its Italian nature
The Moratti family preferred to sell Saras rather than condemn it to a mediocre future in the absence of scions interested in its management. A story that is somewhat reminiscent of the sale of the Nuovo Pignone to General Electric which gave a new spring to the Florentine company. The future of a company matters more than the flag
Franco Locatelli
Founding partner, administrator and managing director of FIRSTonline. Milanese by birth, he has always worked between Milan and Rome. He began planning an online journal of economic and financial information the day after its release, in the spring of 2010, from Il Sole24Ore, where he spent more than 25 years, was head of the Finance and Markets editorial staff and columnist and commented on the most important economic and financial events since the mid-2014s. For the publisher Olschki he wrote two histories of local banks in Tuscany, the first of which with the art historian Antonio Paolucci. In XNUMX he published with Ugo Calzoni the essay "Imperi senza dinastie" published by the Massetti Rodella press company. The President of the Republic Sergio Mattarella awarded him the honor of Knight of Merit of the Italian Republic
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