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To: AC Flyer who wrote (50265)	5/21/2004 12:07:59 AM
From: elmatador	Respond to of 74559

Europe's vanishing privatisation act European governments have been performing a deft conjuring trick over the sale of state assets. For all their open market commitments, a report by the Italian Iri foundation reveals governments have kept their grip in two out of three privatisations conducted during the past five years. Through a series of clever devices, they retain an overwhelming influence in 62.4 per cent of all privatised companies. The UK still has special rights in 17 privatised companies. In France, the state holds golden shares and influential stakes in a host of companies from Renault to defence contractor Thales. The same applies to Italy. And Germany is no better. Now Portugal, which went further than most in relinquishing state control, is falling in line. Carlos Tavares, economy minister, confirmed the government would bar any new strategic partner from taking more than a minority stake in its Galp oil company. Italy's Eni held a 33 per cent stake in Galp with an option to acquire half the company. It has been obliged to sell its stake because Lisbon wants Galp to stay under Portuguese control to complete a politically controversial restructuring of the energy sector. This is designed to strengthen Portugal's position ahead of European energy liberalisation. The French and Italians are doing the same while Germany's purported open market is in fact locked up by its big utilities. Governments have every right to defend national interests. But they should stop pretending they control less than they do and talking about "privatisation". <<"Partnerships" is socialist code for collusion and protectionism.>> Bingo! The problem is that these Franco-Teutonic <<"Partnerships" is going to give bad example for the Brazil's and India's of this world!!