Divestiture of State Enterprises: An Overview of the Legal Framework.

摘要

Divestiture objectives, constraints and approaches differ widely from country to country, enterprise to enterprise. The paper presents a general approach for the development of a legal framework for divestiture of State-Owned Enterprises in the industrial and service sectors. Macro-legal aspects of divestiture are emphasized, while legal issues arising at the transaction level (the micro-legal aspects of divestiture) will only be addressed incidentally. Non-legal aspects of divestiture are mentioned only to the extent needed for the purposes of the paper. The focus is thus on the development of an overall legal framework conducive to divestiture. The main purpose of the paper is to increase the legal awareness of officials involved in divestiture programs by providing an overview of the range, complexity and potential significance of legal issues that may be encountered.