Corporate Control Market: Stages, Specific Features, Regulation

Russian Economy in 2016. Trends and Outlooks. 2017. Moscow. IEP, issue 38, pp. 348-380

36 Pages Posted: 17 Jul 2017

See all articles by Elena Apevalova

Elena Apevalova

Russian Presidential Academy of National Economy and Public Administration

Natalia Polezhaeva

Russian Presidential Academy of National Economy and Public Administration

Alexander Radygin

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research

Date Written: July 7, 2017

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.

Keywords: Russian economy, bankruptcy, public enterprises

JEL Classification: G33, G38, P2, P31

Suggested Citation

Apevalova, Elena and Polezhaeva, Natalia and Radygin, Alexander, Corporate Control Market: Stages, Specific Features, Regulation (July 7, 2017). Russian Economy in 2016. Trends and Outlooks. 2017. Moscow. IEP, issue 38, pp. 348-380, Available at SSRN: https://ssrn.com/abstract=2998555 or http://dx.doi.org/10.2139/ssrn.2998555

Elena Apevalova (Contact Author)

Russian Presidential Academy of National Economy and Public Administration ( email )

Vernadskogo Prospect 82
Moscow, 119571
Russia

Natalia Polezhaeva

Russian Presidential Academy of National Economy and Public Administration ( email )

Vernadskogo Prospect 82
Moscow, 119571
Russia

Alexander Radygin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research ( email )

Russia

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