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They are owned by the state, but they are not managed by the state but Autostrade per L'Italia SPA.


Yes. And Holding Reti Autostradali S.p.A. owns the 88% of that SPA. And CDP S.p.A[0] owns 51% of that Holding. And the Ministry of Economy and Finance owns 83% of the CDP. So it's just a convoluted way to say that the state owns the majority of it.

[0] https://en.wikipedia.org/wiki/Cassa_Depositi_e_Prestiti




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