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PRI VATIZATION

PRI VATIZATION

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PRI VATIZATION

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  1. PRIVATIZATION Business English 1, 2009/2010 PE 6, Team STARS: Ela Kurić, Tea Lazić, Ana Leko, Maja Levaj, Marija Lončar, Gabrijela Lovrić, Iris Lovrić

  2. PRIVATIZATION Agenda: privatization in general world’s largest privatizations privatization in Croatia

  3. WHAT IS PRIVATIZATION? • transfering ownership from the public sector to the private sector • a worldwide phenomenon • strong spread of the privatization movement in the last decade of 20th century • different views of privatization: Milton Friedman - arguments pro privatization Maude Barlow Noam Chomsky arguments contra privatization PRIVATIZATION

  4. THE WORLD’S LARGEST PRIVATISATIONS (1) • telecommunications, power and transport • 1980s  worldwide • 1994 - 1997  coal, railways and nuclear energy • 1990s  Eastern Europe • 1990 – 2000  50% in Latin America  25% inEast Asia and the Pacific PRIVATIZATION

  5. THE WORLD’S LARGEST PRIVATISATIONS (2) • Britain • British Telecom • British Gas→ largest public share offerings • British Rail • France • France Telecom • Air France - partially • Japan • Japan Post - the largest privatisation in history PRIVATIZATION

  6. HOW DOES PRIVATIZATION EFFECT A COMPANY’S SHAREHOLDERS? • process: • private group makes an offer for shares • majority accept –sold • obstacles- getting the acceptance • benefit: private group offers a substantial premium compared to the current market value • example: • Toys "R“ Us • paid $26.75 per share • stock's closing price on New York Stock Exchange $12.02 PRIVATIZATION

  7. PRIVATIZATION IN CROATIA • set up in 1991 • controlled by the State Agency for Privatization • today controlled by Croatian Privatization Fund • 2800 enterprises from all sectors entered the process • the largest infrastructural companies (oil, railways, telecom etc.) declared public companies PRIVATIZATION

  8. PRIVATIZATION OF HAJDUK • Kerum, Tommy, Brodomerkur, Studenac, Jolly, Konstruktor - 43 million kunas • in September 2009 • majority owner: the City of Split PRIVATIZATION

  9. PRIVATIZATION OF INA • contract with MOL • 2 phases of privatization: • 1. phase  15% shares on the marketplace  7% shares to workers • 2. phase  7.5% shares to citizens  7.5% shares to workers • Zagreb and London Marketplace • amending the law of privatization PRIVATIZATION

  10. PRIVATIZATION OF CROATIAN BANKS • banks in former Yugoslavia were established by the companies in public sector • the fall of socialism  capital of banks given to the companies • banks privatized indirectly • Privredna banka Zagreb d.d. • Splitska banka • Riječka banka • Zagrebačka banka PRIVATIZATION

  11. SOURCES: • www.investopedia.com • www.wikipedia.com PRIVATIZATION