EM Search | Euromoney

Privatization: Now for the fight back

At the end of last year, world privatization seemed to be out for the count. Disgruntled investors, fed up with buying too many issues that bombed, swore they'd never touch privatizations again. Now government privatization teams, armed with more realistic pricing and some innovative ideas to attract retail investors, are back up and fighting. Could this be the time to buy? By Garry Evans.

February 01, 1996

Fees: Gravy train gets bogged down

Competition is driving down the fees banks charge for running privatization issues. Last year's 3% is heading below 2%. Top firms argue that skimping on fees damages issue quality and, especially, after-sales service. But the same firms are cutting their charges to stay in the game. Peter Lee reports.

February 01, 1996

Cash for the loveable chubbie

I am standing around in this financial mausoleum where the morticians wear frock coats, when I hear voices raised and a mahogany door slams open and out bursts this redhead, yelling: Any more of this expletive deleted from you and I'll take my overdraft elsewhere.

February 01, 1996

Privatization Poll: Who's best at privatization?

Euromoney's poll of government finance ministries, privatized companies, investors and banks puts Goldman Sachs, Merrill Lynch and Morgan Stanley at the top of the privatization rankings. Their European rivals are on the whole less popular, but not as unpopular as, say, the words "French privatization" are to the average investor. By Charles Piggott and Sasha Zbitnoff.

February 01, 1996

Ringing the changes on BT

The wave of privatizations over the last 15 years has spawned new types of legal structure - and specialist lawyers to apply them. By Christopher Stoakes.

February 01, 1996

Opinion

It depends what you mean by privatization

Privatization has been one of the strongest oars rowing the boat of global economic liberalization. By David Roche.

February 01, 1996

Emerging Markets

Merrill and JP Moran win bid, The battle for Polish copper, Stet stand-off, Telecoms double act.

February 01, 1996

Privatization: Way to go

Privatization has got itself a bad name. Investors, burned by poorly-performing issues over the past two years, are no longer excited by it.

February 01, 1996

Opinion

Front End

Brawn triumphs over class, Schroders touts track record, Last orders please, They live to roadshow, Privitization gives Mongolians the hump.

February 01, 1996

Market Monitor

In the interest of national security, The telecoms dilema, Not convertible to Maastricht, Hardly a model, Measuring the world.

February 01, 1996

Brazil: Did Merrill bid too low?

A bid so finely priced as to put profits in doubt, a smouldering argument over 500 years of iron ore reserves, the lack of a new story to tell investors - these are the problems Merrill Lynch faces after winning the mandate to privatize Companhia Vale de Rio Doce. Competitors that failed to secure the contract say they are sleeping better now it has gone to someone else. Brian Caplen reports.

February 01, 1996

Russia: Piling high to meet the quota

Russian privatization has been rapid and controversial. Transfers to banks of stakes in the country's largest businesses have sparked a furious debate about the terms of the deals and whether or not the banks are improving management. But instead of changing tack, the government has been pushing ahead before the political climate changes. Vindicating its quick approach has been the much quieter and more successful sell-off of thousands of smaller companies.

February 01, 1996

Search results for