Yesterday I took part in the TV programme Ballarò. There was a discussion about Telecom Italia and it was said that the government was responsible for the fact that AT&T is not going to buy it. It was said that Telecom is for sale.
Della Valle maintained that the lack of investments from abroad was due to the government’s interference and wanting to lay down regulations. Anyone at home who was listening, unless they were well informed would have believed everything.
Telecom Italia is not for sale. What is for sale is the 15% share held by Pirelli that Tronchetti wants to sell beyond the market at 3 euros, when the price quoted is 2.3 Euro. If the market exists why doesn’t anyone wanting to buy not make a take over bid offering 2.6 to 2.7 Euro and so give a benefit to the small scale shareholders?
Here they are handing over control of Telecom with only 15%, using private negotiations. Is this the market? The one that leaves you with your mouth open and without giving a voice to the small shareholders?
On the fact that foreigners have not been investing for such a long time now in Italy, I agree with Della Valle.
But this isn’t because of State interventionism nor for an excess of regulations, it happens because the rules are missing: Parmalat, Cirio and Banca Popolare di Lodi show us that.
The introduction of rules that are fair and certain would penalize only the local scoundrels, who have now gone up- market, it would certainly not penalize the small-scale shareholders.
Furthermore I want to repeat the affirmation that the national networks cannot be sold off like any sort of good, as if they were apples or pairs.
The State has the right, but above all the duty to verify the way things are bought, the investments that are planned, the trustworthiness of the buyers.
The road, telephone and energy networks are the basis for the functioning of the Nation, not an instrument to give profit to the few.