Preemptive Rights and Privatization

Fré ; mond, Olivier ; Nellis, John

World Bank, Washington, DC

关键词: AFFILIATED ORGANIZATIONS;    AUCTION;    AUCTIONS;    BID;    BIDDERS;   

RP-ID  :  18723

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Many governments have concluded jointventures with private investors that contain preemptiverights contractually restricting the rights to transferownership of a company's securities. The privatizationof these joint ventures often places governments in anawkward situation. Now wishing to sell some or all of theirshares, they find themselves caught between the desire todivest a good price, or at least a politically defensibleone, and the need to comply with the contracts they havesigned. What can they do? Depending on the amount ofpreemptive rights in the privatization portfolio,governments can adopt either a case-by-case approach or amore comprehensive solution. This Note sets out the options.