I believe it's not functional yet.

I presume the purpose will be to buy up the last of your public stock to switch to being a private corporation that doesn't trade on the public market.

I noticed it under the financial tab in the where you set dividends when you click on the tab it doesnt do anything.

I have just noticed "Privatization" tab under "Financial actions" (place where we issue stocks and interact with bank). What is its purpose? Does it have something to do with some new feature we still do not know about (like nationally owned companies which can be privatized)? :)