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English definition of “renunciation”

renunciation

noun [S or U]
 
 
/rɪˌnʌnsiˈeɪʃən/
the fact of saying that you no longer support or have a connection with someone or something, or that you do not want something : People who receive an inheritance have the right of renunciation of that inheritance, subject to certain conditions.
STOCK MARKET in a rights issue (= an occasion when a company offers new shares to its existing shareholders), a situation in which someone with the right to new shares formally says that they do not want to accept them: An appropriate person will be authorised to execute a transfer, assignment or renunciation of the consideration shares on the accepting shareholder's behalf.
(Definition of renunciation from the Cambridge Business English Dictionary © Cambridge University Press)
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