“…Although technically corporatisation only implies formal privatisation of municipal undertakings, that is, their transformation into private-law entities, in several European countries (in particular Italy, Germany, Spain, and France), this strategy has been increasingly paralleled with material privatization, that is, the partial divestment of public capital through involving private capital (Bel and Fageda, 2010;Wollmann and Marcou, 2010). Corporatisation and privatization in its two meanings are often intertwined in the pro-market rhetoric promoted by many supra-national organisations, such as the World Bank, in their guidelines to remedy the fiscal crisis of the state (O'Connor, 1973), and with the lack of investments and innovation in public services, on the one hand, and the poor performance of many public undertakings, especially in the utilities sector, on the other (Calabrò, 2011;Osborne, 2011).…”