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The Challenges of PrivatizationAn International Analysis$
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Bernardo Bortolotti and Domenico Siniscalco

Print publication date: 2004

Print ISBN-13: 9780199249343

Published to Oxford Scholarship Online: April 2004

DOI: 10.1093/0199249342.001.0001

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Private Ownership, Public Control

Private Ownership, Public Control

Chapter:
(p.79) 5 Private Ownership, Public Control
Source:
The Challenges of Privatization
Author(s):

BERNARDO BORTOLOTTI DOMENICO SINISCALCO

Publisher:
Oxford University Press
DOI:10.1093/0199249342.003.0006

This chapter presents updated empirical evidence on the transfer of ownership and control in privatized companies. The transfer of ownership is measured by the stake sold in the various sales in different countries. The transfer of control, instead, is analyzed through the government’s voting rights in privatized companies, and by the special powers and statutory constraints such as “golden shares”. The analysis allows us to conclude that the large scale privatization cycle of the 1990s has been important but incomplete, Indeed, the state still controls – by direct and indirect means – large chunks of national strategic sectors, where the largest and most valuable corporations operate.

Keywords:   golden share mechanism, ownership rights, partial sales, special powers, statutory constraints, voting rights

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