After 23 years the Autostrade per l'Italia (vacuum) they return to the state. Yesterday the Cassa Depositi e Prestiti (Cdp, the holding company controlled by the Treasury) together with the funds Blackstone e Macquarie has definitively completed the purchase of the shareholding of the88,06% of Autostrade per l'Italia which was in the hands of the Benettons, which collect 8,18 billion euros.
Autostrade: the return of the state stems from the tragedy of the Morandi bridge but is also a self-criticism on an ill-thought-out privatization
The operation is the consequence of the collapse of the Morandi bridge in Genoa and inadequate maintenance of the previous management of Autostrade, but offers the starting point for some reflection. In the 90s, in order to be able to join the euro right away, the Italian state had to reduce its debt and speed up privatisation: but it was truly a far-sighted choice, beyond the tragedy of the Morandi bridge that no one could foresee , sell a strategic infrastructure, that is important for the GDP and not replicable, such as the motorways?
And, assuming and not granting that the transfer to private individuals was inevitable, did it make sense to start the privatization without updating the regulations and without at the same time providing for some form of liberalization that would also serve to control the increase in tariffs? It didn't make sense and now we can say it: the privatization without liberalization of Autostrade was a serious mistake in economic and industrial policy. To the great joy of the Benettons, who were the biggest beneficiaries.
Cdp, Blackstone and Macquarie: the three new motorway operators
Now it's finally changing course. Cdp Equity, the investment holding company controlled by the Cassa which took the field for Autostrade, aims at sustainable investments capable of generating value in the long term. And it is supported by two international funds with proven experience. Blackstone is an American fund that manages 915 billion dollars worldwide and is a leader among investment companies. Macquarie Asset Management is an Australian-origin fund that manages €479 billion of assets globally. Citizens and users naturally hope to receive some benefit from it.
