Oxymercuration-demercuration of alkenes involves following steps :
(i) Dissociation of mercury (II) acetate CH3COO−Hg−OCOCH3⟶electrophileCH3COO−Hg++CH3COO−
(ii) Attack of electrophile on double bond of alkene
(iii) Addition of water
Hence, oxymercuration-demercuration process involves, reduction and bridged mercurinium ion formation.