Template-Type: ReDIF-Paper 1.0
Author-Name:Radygin Alexandr
Author-Name-First: Alexandr 
Author-Name-Last:Radygin 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Author-Name:Apevalova Elena 
Author-Name-First: Elena 
Author-Name-Last:Apevalova 
Author-Workplace-Name: RANEPA 
Author-Name:Polezhaeva Natalia 
Author-Name-First: Natalia 
Author-Name-Last:Polezhaeva 
Author-Workplace-Name: RANEPA 
Title: Corporate control market: stages, specific features, regulation
Abstract: Russia’s market for mergers and acquisitions came into being in the early 1990s when mass privatization of state-owned property gained momentum. More specifically, it was not until after the Russian financial crisis of 1998 that mergers and friendly takeovers took place in Russia. Up until then there were ‘acquisitions through privatization’ that can be regarded as a primary manifestation of the initial stage of building a market for corporate control (from 1992 till the onset of the financial crisis of 1998). Reorganization proceeded privatization in 1/3 of cases, was coupled with privatization in 1/3 of cases and followed privatization in 1/3 of cases. Also, the practice of consolidating Russian assets through both M&A and outsider shareholding was adopted in the mid-1990s. In 1998, the equity of about 40% of surveyed enterprises was partially held by outside corporate shareholders, and more than 13% of those enterprises were integrated with suppliers or consumers.
Classification-JEL: G33, G38, P2, P31
Keywords:  Russian economy, bankruptcy, public enterprises
Creation-Date: 2017
Revision-Date:2017
Length: 32 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2017-288.pdf
File-Format: application/pdf
File-Function: Revised version, 2017
Handle: RePEc:gai:ppaper:ppaper-2017-288