Chapter

Private Ownership, Public Control

BERNARDO BORTOLOTTI DOMENICO SINISCALCO

in The Challenges of Privatization

Published in print March 2004 | ISBN: 9780199249343
Published online April 2004 | e-ISBN: 9780191600845 | DOI: http://dx.doi.org/10.1093/0199249342.003.0006
 Private Ownership, Public Control

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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

Chapter.  7363 words.  Illustrated.

Subjects: Financial Markets

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