Railways, via the privatization of 40%. But the network is public – The Daily

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While the leaders of Railways are given to close the exit, the government pushes the throttle on the privatization of the group. Choosing the middle way supported by the Minister of Infrastructure Graziano Delrio 40% of the company will be quoted on the stock exchange, but the ‘ network infrastructure ie binary , will remain public. As called for on several occasions by President Marcello Messori . To explain it was the same Delrio, after the Council of Ministers gave the green light to the transfer procedure which goes through in 2016.

“This starts a process that takes into account the complexity of managing Fs and the need to increase the obligations of public service, “the minister said, citing among the” stakes “that” must be guaranteed the ‘ access to all in the same way. ” That is, as repeatedly called for by ‘ Transport Authority , the private companies that provide transportation services, such as NTV , must be able to use the tracks without discrimination than Trenitalia , which is part of the group Fs. A model, recalled Delrio, adopted in the rest of continental Europe, where “the railway infrastructure is mainly public and neutral, serving the citizens and of competition. Even in Britain, where she had been badly privatized, the network is coming back under the control of the state “.

Just the node of spin-off of the network, which is posted in the budget of Railways to a value of 30000000000 , is the subject of confrontation between Messori and CEO Michele Mario Elia . With the first convinced, as he put pen to paper in a letter sent last summer to the Minister of Economy Pier Carlo Padoan , which privatize a part of the whole group without first breaking up networks and some subsidiaries would be translated into a “ sale ” means the State, according to the economist, he would have risked not cash more than 4 billion on behalf of the 10 to 11 billion of revenue potential. This position has worn the break with Elijah, in favor of the block sale. Just over a year ago, Messori has returned their proxy to the board. Including privatization. Now the change at the top of the group appears closer: Thursday, November 26 will meet the board of directors. If Messori and Elijah will get out of spontaneously, may be the other directors (at least five out of nine) quit to bring down the entire board of directors and allow the Treasury to spare.

The sale of 40%, according to the decree, will take place “through a public offer for sale to the public of savers in Italy, including employees of the Ferrovie dello Stato group, and Italian and international institutional investors, and listing on the stock market. ” As with Post Italian can be provided “incentives, taking into account market practices and previous privatization transactions, in terms of the share offer reserved (tranche of the offer reserved and lots minimum guarantees) and price (for example, as in previous privatizations, bonus share increased compared to the general public) or financing methods. “

The measure goes now before Parliament. Mark Filippi , Democratic Party leader in Public Works Committee , Infrastructure and Transportation of the Senate, “the announcement of the privatization of a major share of the State Railways is definitely an important fact that goes in the right direction: ensure decent services and eco-efficient traveler and commuters. ” But there are “many challenges ahead carefully to avoid an operation that is only economic / financial and is, instead, a time of growth and development for the entire system of rail transport”. For this Filippi hopes “that Parliament be involved in all steps”.

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