The National Property Fund (NPF) yesterday called for the continuation of the government’s ability to exempt buyers of state stakes from an obligation to make a buyout offer to minority shareholders. The government will lose this ability on January 1, 2001, as the new commercial code, which no longer allows the government to give this exemption, takes effect. The new situation makes all existing privatizations more complicated for the government and potentially more expensive for buyers. It is not surprising that the NPF and others seek to avoid the minority buyout requirements, and the government may yet push through an amendment to the law. At the same time, there seems to be confusion among legal opinion as to whether the new commercial code really takes away the government’s right to make buyout exemptions.