out the teek of raising funds and settling deals. The arrangement suite them since it ellowe bueiaees to be conducted a8 usual by a meaageroent team that they know and trust. The “ex-subeidiery” then paya royalties or licence feee for the we of the parents’ technology and proceasee, in addition to the purchase price. A management buy-out team is more dependent on the parent company for technology, patents and supplies than would be a third-party buyer. Tbia dependence in attractive es it offers better prospects of a long-term relationship with the new company based on the proviaiona covered in the agreements. The big disinveetmento, including General Electric, General Motors and International Buoineee Machines of the United State8 and the Rover Group of the United Kingdom, have involved 6alea to local maaagem8ut. General Motors wee sold to its local management on temm which required an edjunction of R 100 million from the parent company. end the sub&diary was sold to local management under the direction of an American former executive of General Motors. It ia widely aeeumed that the contract, none of the details of which are known, includes e buy-back clawe which would allow the parent to return openly wheu circumetencee permit. 25. In a truet arrangement, the departing company transfers ite aeeete to the specially created tru8t, which pays, for these aseets out of future company earning43. The often complicated and confidential nature of truata facilitates the poeition of thoee corporations that seek to keep open the option of ra-entaring the South African market. United State8 corporations that beve utilieed trust arranaementa include Exxon. International Euainesa Machinea, Jobneon Controls and-the Ford Motor Company. The Bwediah engineering group, Alfa Laval, announced in 1987 that it wae transferring ownerohip of ite 
**Analysis**
The text appears to be discussing corporate finance and restructuring, specifically management buy-outs and trust arrangements used by large corporations such as General Electric, General Motors, and Exxon. The text highlights the benefits of these arrangements, including the ability to maintain a long-term relationship with the new company and the potential for the parent company to re-enter the market in the future. The text also mentions the transfer of assets and the payment of royalties or license fees.

**Category**
Industry, International trade