Booms also encourage mergers and acquisitions, a powerful tool for restructuring.

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The bill sought to allow the free transfer of shares held by the government, so as to encourage acquisitions, mergers and financial restructurings.

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And Mr Kim is meeting the heads of some of the largest chaebol later this month to encourage the big mergers that he championed last year.

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And takeovers and mergers might yet encourage banks to be freer with their loans.

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The risk is that the logic of creating bigger national champions in a few businesses will encourage the authorities to seek mergers everywhere.

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