[medstrom]

I believe they make a good point: making a vertically integrated entity could matter more than just buying most of the shares.

If we are discussing tendencies of "privatized vs public", it's hard to ignore that factor. Public entities that historically worked well weren't just masses of 600 subcontractors.

[RandomLensman]

But again, that is up to the owners - and the owner is the state. Also, the state didn't buy most of the shares: it had full ownership before and kept it while the legal form changed.