“Panta rei”, everything passes, and after one day the story Highways it is relegated very low in the online pages of the major newspapers. Perhaps it will resurface, who knows, but at the moment, apart from a few dissonant (or shrill, from the opposition) voices, an apparent calm prevails like the one that follows the great battles.
One was born public company, therefore, as a triumphant Government affirms. Finally, thanks to the avenger's action, the citizens' interests return under the protection of the state, which after about twenty years comes back into possession of a asset strategic and fundamental for the development of the country, rescued from the incompetent and greedy hands of private capital.
A story, that of Autostrade, really complex, intricate, fascinating in some respects. Which leaves food for thought for many - historians, political scientists - but also simple citizens interested in understanding without settling for the "apparent calm".
Of this complexity, among the many ideas, two elements in particular are striking.
DON'T CALL IT "PUBLIC COMPANY"
The first pertains precisely to the theme of "public company”, which, for one day, filled the pages of the newspapers and the mouths of the exponents of the majority. At the risk of appearing punctilious, however, it should be clarified that the term "public insurance”, technically, does not mean "public" in the Italian sense of the wordi.e. owned by the state. In its original meaning, of Anglo-Saxon origin, "public" stands for "widespread"; which is not the same thing. A public company is a publicly traded company, in which there are no "reference" shareholders, to use an obsolete term. A public company In short, DOC is a company listed on the Stock Exchange, where hundreds of thousands of shareholders delegate the task of managing the company itself to a professional (and, hopefully, disinterested and faithful) management. The objective of management should be the “creation of value”, ie the increase in the value of the shares, but also in their profitability represented by present and future dividends.
Well. What the Government says, however, is not exactly so. In the first place, in the new highways is a listing on the stock exchange expected, with the consequent pulverization of the property? No. There will be a reference shareholder (Cassa Depositi e Prestiti) with a good 30% (and “broken”, as they say) – of course to protect the company from hostile takeover bids. Then, a 20-22% divided between three-four shareholders acceptable to CDP, and we are 52-53% in the hands of a homogeneous block. Perhaps some other friend can be recovered along the way. We are at 60%. Small shareholders, on the market, still have to divide 40% of the capital – and, obviously, to be subjected to the decisions of the reference shareholders, public and private. So no public company. But, like Eni, Enel and other public subsidiaries, a new model made up of small shareholders, funds, and public ownership.
That's not to say it's a bad thing, thank goodness. If the funds, albeit in a relative minority position, are able to exercise effective monitoring, imposing the choice of a professional, efficient management, detached from political pressure, this will do the good of the new Autostrade. However, that remains to be seen how will it be possible to reconcile the needs of a return on the investment of the funds, and those of a fair remuneration of minority shareholders, with the needs of an owner who instead declares that he will cut tolls. In short, either the tolls will drop (and then the small shareholders will suffer), or they won't drop (and then the citizens will be made fun of) – who, round and round, are always the same subjects. Unless…
THAT STRANGE HURRY
Unless the square is found. The second point interesting of the story is: because a story that painfully dragged on for two years, has been resolved within a few days?
First of all, one thing must be said: luckily! In two years (and two governments), regardless of right or wrong, an unprecedented amount of value has been destroyed (but above all a much more important capital, the reputational one). That's not how it is done. As is known, Italy is not a giant of global capitalism, and its companies of international standing can be counted on the fingers of one hand. Situations of this type, where everyone loses (society, savers, the country), must be avoided. Hopefully, for the future.
Having said that, so what happened? As always, the ways of politics are winding, almost like the minds of politicians. But two things seem clear enough.
First, the urgencies of politics have become quite urgent. As known, those who bet a lot, and immediately, on the message "only the State can do good for the citizens - down with the sharks" it was high time he honored a political bill stipulated at the time (and consistently - it must be said - kept in plain sight). There are many reasons: loss of consensus; external attacks; presence of a cumbersome government partner; internal growing fronds, and so on.
The urgency, however, is not enough to justify haste. And then a strange coincidence comes to mind, which even brings up Covid-19 and the state of emergency.
In the first place, there is a government which, it must be said, has taken a liking to deciding without excessive debate – nothing wrong, in Europe there are those who do much worse.
Secondly, the fact that, hopefully, money, a lot of money could come from Europe. Of course, for noble purposes, including increasing the efficiency of the health system. But it is said that finally a company like Highways, strongly affected by the emergency and the decline in traffic (and profits), cannot, now that the boss is finally good, access funds made available (be it Mes, be it Recovery Fund) from the Union. Which would be the balance, given that perhaps the budgets can be kept in order a little, and at the same time lower the tolls to the benefit of citizens (future voters).
A bad thought? Perhaps. Or maybe not.
°°°The author is full professor of Economic History and Director of the Department of Social and Political Sciences at Bocconi University
