Wouldn't any nationalisation of French motorways, which I doubt will happen, mean that the Le Pen government would have to buy assets off ALX? We're not talking about a banana republic here, where the government can just confiscate stuff.
When have governments ever managed to do a good deal for the taxpayer? They always overpay for such assets.
The proposed reduction of tolls by 15%, which sounds very much like a pre-election pork barrel anyway, no doubt depends on the government buying and thus owning the tollways. Forcing a listed company that has to answer to shareholders to lower tolls by 15% would be an act I'd associate with extreme socialism, not a conservative party. Nationalising stuff there could be a nationalistic narrative, sure, but simply meddling in the free market by government decree and shafting a big utility company would create an environment of extreme sovereign risk, something the new government of a country with a free market economy, one that has been waiting for a long time to get their shot, would surely not want?
ALX has gone onto my shortlist, but just a bit cautious about tax loss selling over the next week or so, so will wait a little longer.
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