In one of its few real steps toward privatization, the Soviet government announced last week that it is offering to sell at least 30% of its largest industrial company, Volga Automobile Associated Works, maker of Lada sedans, to a foreign investor. The portion of the company up for sale is worth more than $1 billion. The most likely purchaser is the Italian automaker Fiat S.p.A. But the Soviets are not about to miss out on any better offers: they have hired Bear, Stearns, the Wall Street investment banking house, to provide them with some American know-how. Bear, Stearns is bullish on...
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