Leonardo, Eni, Enel, FS: Italian public companies dominate energy, defense and technology globally. That’s why the Italian state returns protagonist in the world economy.
The Italian railways who slip into the Eurotunnel to connect Paris with London. The Leonardo group that creates a joint venture with the German Rheinmetall for the new European tanks and meanwhile delivers the penny helicopter to the US Navy. The Enel that boasts the largest wind farm in the entire Latin America. Eni who signs a memorandum of understanding for development from the Argentine deposit of Vaca Muerta, the second non -conventional gas reserve in the world. Fincantieri who builds a mega-term in Miami (also see the service on page 30). All recent successes of Italy abroad. With a common feature: they reach them are public companies.
Yes, because now state capitalism is showing that they know how to do well, if not better, to private individuals. Not only presidishes strategic sectors, such as that of energy, defense or networks, but lengthens its range of action in technology, telephony and even in finance with a liveliness and efficiency that have nothing to do with the image of the lazy gigantism Fantozzian of the old public giants.
Thus we witness the acquisition by the posts of the majority of Telecom Italia, back from the worst privatization of Italian history. We look at the Monte dei Paschi, with the Ministry of Economy greater shareholder, focus on Mediobanca and indirectly on the generals. We observe Cassa Depositi e Prestiti (CDP) take on an increasingly central and active role in the country’s economy, with its useful net record of 3.3 billion euros and investments at an altitude of 202 billion. All without anyone having anything to say against the intrusive state. And there is a reason: something profound has changed in the political and intellectual climate that now assigns to the public a more active role in the economic address.
The recent crises-financial (2008), of the sovereign debts (2011-12), Pandicica (2020) and energy (2022)-have shaken the neoliberal paradigm who in previous decades had favored a retreat of the role of the state. The wind is shot. On a global level and in Italy, the return of the legitimacy of public intervention to face systemic shocks, manage company disasters of national importance (such as Alitalia or Mps), and guide structural transformations considered priority (ecological and digital transition) has been accepted.
This explains the strengthening of the state role in specific strategic areas, Trained by the action of CDP and by the performance of some large groups, which translates into an increase in the weight of public companies not only in dimensional terms, but of prestige, attractiveness and power.
Of course, private entrepreneurs are always there, they boast world records and enhance Italian ingenuity and creativity globally: Let’s think of Ferrero, Prysmian (leader in telecommunications cables), Ferrari, Brembo, Luxottica, Barilla, Campari, Prada (see also the article on page 50). But it makes an impression on the one hand the assertion on the international markets of technology, space, of the vipos of a public group such as Leonardo and on the other the parallel decline of the Italian plants of Stellantis, the heir of the Fiat of the Agnelli. And if we slide the list of the main Italian companies in the Mediobanca ranking, the first private group is the Italian-French Stellantis, in fourth place after Eni, Enel and GSE (public), followed by Prysmian (Sesto), Edison (eighth). All the other companies of the “Top Ten” have public shareholders, including Telecom (fifth position) and Leonardo (seventh) stand out.
Leonardo is an excellent example of how a public company can become an international competitor in the technologically more advanced sectors. Directed by Roberto Cingolani, it is a group of over 17 billion in turnover with 129 sites around the world. In Italy it only realizes 18 percent of revenues, the rest comes from abroad. In recent years he has focused on the services and products that offer the highest growth prospects. Not only is he the second world manufacturer of helicopters, but participates in the realization of the sixth generation hunting together with Bae Systems in the United Kingdom and Jaiec in Japan, while with the French Thales collaborates in the aerospace sector. Leonardo plays an important role in a series of international projects, such as those of the Eurofighter, the ATR, of the European helicopter NH90, of the Eurodrone.
From aerial to railway routes: The FS group has announced that it has reached an agreement with the Spanish Consortium Evacyn to start a high -speed connection in the Eurotunnel between London and Paris starting from 2029. It is a new stage of the path started by the Italian operator to grow in Europe through the spread of high speed. In fact, Italy is taken for example as the country with the best service of this type on the continent, which offers customers a very high frequency of trains and lower prices. It is no coincidence that in France the FS group was the first alternative operator on the Milan-Paris high-speed route. But our railways are also present in the United Kingdom, Germany, the Netherlands, Spain.
Staying on the subject networks, it should be remembered that in Italy we have Terna, a larger independent operator in the transmission of electricity in Europe. And our electric system is considered among the best in the world. In the energy field we then boast two particularly active companies on foreign markets: Enel and Eni. On the latter, led by Claudio Descalzi, rivers of words could be written. We limit ourselves to remembering that it is present in 64 countries: from Australia, where not only deals with gas and crude oil but also manages a large photovoltaic system, to Kazakhstan, from Namibia to Egypt, from Lebanon to Norway, from Argentina to Canada. And not only of hydrocarbons and renewables deals with the group: the six -legged dog is engaged in the development of future nuclear fusion energy. He recently announced an agreement with the United Kingdom Atomic Energy Authority to build the largest and most advanced system for the management of the trizio, key fuel in the merger process.
Enel also strongly projected on the international markets: Present in 28 countries, the company is the largest operator of renewables worldwide and the first manager of electrical distribution networks for number of customers served. In its production mix, renewable sources have a share of 69.5 percent. In Spain it manages 317 solar, wind and hydroelectric plants, in the Unti 81 states, while in Brazil it is the major wind energy operator of the country.
Undoubtedly a public group has a series of advantages: it generally enjoys greater stability thanks to the implicit or explicit support of the state which can translate into greater trust from investors and partners, especially in periods of economic uncertainty. It has a long -term vision, being guided by strategic objectives of national interest that go beyond the mere maximization of short -term profit. And this can lead to investments in research and development, infrastructure or strategic sectors, even if they do not offer immediate financial returns. The risks of political interference remain, but being listed on the shareholders’ markets and having private members and international investors next to them guarantee a certain protection from any conditioning.
Once it was said small is beautiful. But big, and public, maybe it’s better.
