Abstract Mergers and acquisitions are burgeoning in Korea after the involuntary restructuring of major conglomerates and financial institutions which occurred after the 1997 financial crisis. Many companies owned by government agencies are likely to be privatised in the coming years and the current administration aims to sell utilities and infrastructurep rojects to the private sector. Policies for certain government-owned financial institutions are currently being questioned as well. Despite the temporary crunch of capital markets in Korea, mergers and acquisitions will be at the core of Korean economic activities in the next decade. Amidst these developments, however, some have voiced concern about hostile takeover attempts, especially by foreign capital. The past and current regulation of hostile takeovers has been weighed down by securities regulations and corporate laws. Arguments for poison pills are being regurgitated in light ofeconomic reality, which is that there is no separation between management and ownership. This paper argues that such concerns are not relevant to the Korean economy and there is no need for further changes intended to discourage hostile takeover attempts.

中文翻译：

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韩国的敌意收购：政策方向的转折点还是症结点？

摘要 1997 年金融危机后，大型企业集团和金融机构非自愿重组后，韩国的并购活动迅速发展。许多政府机构拥有的公司可能在未来几年被私有化，现任政府的目标是向私营部门出售公用事业和基础设施项目。针对某些政府所有金融机构的政策目前也受到质疑。尽管韩国资本市场暂时处于紧缩状态，但并购将成为未来十年韩国经济活动的核心。然而，在这些事态发展中，一些人对敌意收购企图表示担忧，尤其是外国资本。过去和现在对敌意收购的监管都受到证券监管和公司法的拖累。考虑到经济现实，即管理和所有权之间没有分离，关于毒丸的论点正在被反驳。本文认为，此类担忧与韩国经济无关，无需进一步改变旨在阻止敌意收购企图。