Il government has taken into consideration the privatization of Railways, Post Offices, MPS to name some of the most important public companies in the pack. It is from the listing and sale of the latest state treasures that the 20 billion funds expected in the next three years in the Nadef are sought. One of the first objectives is to quickly open it to private individuals capital of FS, the last company of which the State still owns 100%. The opening of the Group's capital would not only be limited to the profitable parts, such as Trenitalia and in particular theHigh speed, but would include the entire holding, inclusive of RFI, which manages the railway network, e Anas, responsible for the road network.
Franco Bernabe, which exactly 30 years ago had taken Eni onto the stock exchange, believes that the only possible path for Ferrovie would be precisely the one already used for the six-legged dog, the Eni model.“I read that we're starting to talk about the privatization of companies again state Railways, the only one which due to its size could bring a significant benefit to public finances" the manager tells Repubblica. “But I also noticed that, as already happened in 2015, a debate immediately started on the object of the listing, on possible spin-offs of the company of the network so on. With politics obviously having its say on him. In my opinion they should instead follow the Eni model, which 30 years later has proven to be theonly real success on the subject of privatisations".
FS privatization: a share to the State and internal management
Eni the idea was that the State would maintain a significant stake in the company, but with governance in line with market standards in order to attract institutional investors. And with great attention to the choice of management”, says Bernabè.
For companies of the size of Eni, Enel and even Ferrovie, it is necessary have stability to work in the long term, says the manager, “they cannot be exposed to continuous stress from the outside. Only the state can ensure the necessary stability, remaining in the capital with a minority share, but significant and must remain in FS capital as it has already done with Eni, Enel, Snam and Terna. After all, “If they are offered to the holders of stable shares multiple votes at listing stage Even rather low quotas would be sufficient."
With the listing on the stock exchange the company must have one governance height of the standards of similar international companies and which allows politics to be kept out of management". The key to success, says Bernabè, lies in the fact that the management asked to prepare and carry out the plan must have solid roots within the company. Only those who have been in the company for several years, or have trained there, know well the steps that should be taken after those already taken in the last 15 years. On the other hand, today's Eni works well also because there is a company manager, Claudio Descalzi, who has worked in the company for forty years".
Bernabè: thinking about spin-offs now would waste precious years
For Bernabè, proceed to some spin off, as is being considered for the RFI network compared to the rest of FS, at this moment it would mean wasting at least two years of time. It is therefore better to "entrust management with a reorganization, divestment and efficiency plan and proceed by listing the entire company as a whole".
The Eni model of the 90s: from the Enimont storm, to the restructuring, to the stock exchange
Eni came from chaos Enimont and in 1991 and 1992 he had recorded Prevention very significant, says Bernabè. The era of state shareholdings had come to an end and politicians wanted to dismantle everything, IRI, Efim and even Eni. "Fortunately Julian Amato before and Mario Draghi, who was at the general directorate of the Treasury, they assured us three years of continuity to prepare the company for the stock market. Eni was a conglomerate headed by a collection of 500 companies who did everything. With the management I led, the manager recalls, we started a plan huge reorganization, which led to to close a hundred company and sell some another 125 for a collection of 5500 billion lire. We have restructured the chemistry. A colossal operation that made it possible to save Eni from the onslaught of politicians who wanted to dismantle it and who never believed in the listing project. If today the country can boast of have an oil and gas giant It's thanks to the work done in that period."
