The Roundabout Economy

Giacomelli.jpg

Well then, if a Government, take any, take the Italian government, if it allows me to use debts to buy the motorway concession. And Iím called Benetton. What should I do? I accept straight away. I ask the bank for a loan. If there are profits, I distribute the dividends.
If, for no fault of my own, I am behind with the investments (thereís talk of 2,000,000,000 Euro) I merge with Abertis and get a windfall of 670,000,000 Euro of extraordinary dividends. Obviously the company still has the debt. Meanwhile Iíve constructed loads of Autogrill on the motorways: toll + cappuccino + cake + orange juice. All for me.
The government intervened in relation to the merger with Abertis. Padoa Schioppa and Di Pietro have not allowed the concession given to Autostrade to be transferred to Abertis-Autostrade. This is perhaps the first Government action of the last few years.
From that moment, for the press, Italy is protectionist, Bolshevik and against the market.
Iím a comic but they are stealing my job from me.
The Motorways belong to the State that can give them in concession and the market has nothing to do with it. If I have to go from Milan to Bologna how many motorways can I choose? One. Well then the market has nothing to do with it. Anyone who is managing the motorways should invest the profits to improve them. Full stop. Thatís it. Whatís the relevance of dividends?
Whatís the use of the money resulting from the merger of Abertis with Benetton? This is a great question. Perhaps, and I only say perhaps, itís to support its position in Olimpia thatís controlling Telecom Italia. And who is there in Olimpia? Tronchetti who needs new partners and liquidity after the decision of Unicredit and Banca Intesa to exit.
It seems like a roundabout: State-concession-industry-debts-merger-newspapers-concession. Ring a ring o roses, a pocket full of posies, atishoo, atishoo, we all fall down...

Posted by Beppe Grillo at 01:41 PM in | Comments (6)
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i'd love to know what why italian's governments and especially center-left ones love so much Benetton. Maybe because they are cutting-edge in advertisement.
The state sold them Autostrade, Autogrill, GS supermarket and the biggest Italian farm, with the same method (leverage). Just few mounth after having bougth Autogrill (that was owning GS), they sold GS for 2.75 billion euro after separating it from Autogrill. But autogrill+gs costed them 0.325 billion of euro. Wonderful! Couldn't the italian state sell directly GS to Carrefuor?
Mystery. And in Italy everybody says that the governments (all) hate Benetton!!!

Posted by: Luigi Bressan | August 23, 2006 07:45 PM


I said it before, but it's worth repeating: the Italian motto should be: "LI HO FREGATI!".

Posted by: Enrico Rossi | August 15, 2006 04:09 PM


don't they have etag in italy?in a ferfect world, were everybody pay the due tax,without citing the system,they would be plenty of money in the state draws,to fix roads,hospitals education,jail,ect.ect........in a perfect world,.....ciao

Posted by: evakulnura | August 14, 2006 05:53 AM


blisco jaio

You are bad in any case. I would to live in your country but till i stay here...you are bad.

Posted by: Robert Tuppini | August 13, 2006 07:35 PM


Again an italian story. Even Grillo, he is looking not far enough with his speculations. Why not to make this F... motorways free for ever?
Italians have so bad habits to pay for every thing
that to have a free service, is unconceivable!
How many times do I have to stop to listen this mechanic voice to tell me: Grazie Arrivederci, after I payed that stupid coin for 5km?
How many times do I have to see that anonymous faces to receive my money whithout seying thank you or goodbye if my credit card not works in their f... slots?
I don't really mind if the motorways are under the control of one or another because if both of them are italians it will be bad in any case!

Posted by: blisco jaio | August 13, 2006 11:22 AM


also if, for any odd reason, the market would be involved, where is the market is selling a road company to someone who makes roads, they will build the roads only with the sister company. Is this market???

Posted by: fab tom | August 12, 2006 06:07 PM


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