Cross-border acquisitions by South Korean companies should be led by the private sector, and state-run institutions such as KDB should play a "cheerleader role, " he said.

FORBES: Lehman Loses Confidence

The free flow of goods and a common currency are one thing, but if companies have to deal with 15 different takeover codes when making cross-border acquisitions, a true single market is still an illusion.

ECONOMIST: Takeovers in Europe

Over the last two years, Eurofarma has reacted to this onrushing change by making three cross-border cash acquisitions.

FORBES: What Amgen Faces in Brazil

The new single currency has also set off a wave of cross-border mergers and acquisitions.

ECONOMIST: Wo ist Goldilocks?

With the exception of several well publicized natural resource deals, cross border mergers and acquisitions involving Chinese companies is still at an early stage.

FORBES: China Wants To Buy American (Companies)