{"id":1990,"date":"2020-05-20T15:23:16","date_gmt":"2020-05-20T06:23:16","guid":{"rendered":"https:\/\/bcgblog.kr\/?p=1990"},"modified":"2020-06-08T13:50:40","modified_gmt":"2020-06-08T04:50:40","slug":"navigating-merger-clearance-during-the-crisis","status":"publish","type":"post","link":"https:\/\/bcgblog.kr\/navigating-merger-clearance-during-the-crisis\/","title":{"rendered":"\uc704\uae30 \uc911 \uae30\uc5c5\uacb0\ud569\uc5d0 \ub300\ud55c \ud5c8\uac00 \ud504\ub85c\uc138\uc2a4 \ud0d0\uc0c9"},"content":{"rendered":"<p>\uae30\uc5c5\uacb0\ud569 \ub51c\uc744 \ucd94\uc9c4\ud558\ub294 \ub2f9\uc0ac\uc790\ub4e4\uc740 \ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uaddc\uc81c \ubcf5\uc7a1\uc131\uc744 \uc99d\uac00\uc2dc\ud0ac \uac83\uc744 \uc608\uc0c1\ud574\uc57c \ud55c\ub2e4. \uc774\ub4e4\uc740 \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ud5c8\uac00 \uc808\ucc28\uac00 \ub354 \ub290\ub824\uc9c8 \uac83\uc5d0 \ub300\ud574 \uc900\ube44\ud574\uc57c \ud558\uba70, \uc7a5\uae30\uc801\uc73c\ub85c\ub294 \uc778\uc218\ud569\ubcd1 \ub51c\uc5d0 \ub300\ud574 \uaddc\uc81c\uae30\uad00\uc758 \uac10\uc2dc\uac00 \ud655\ub300\ub420 \uac83\uc5d0 \ub300\ube44\ud574\uc57c \ud55c\ub2e4. \ucf54\ub85c\ub09819\ub294 \ub2f9\uc5f0\ud788 \uaddc\uc81c\ub2f9\uad6d\uc758 \uc6b4\uc601\ubc29\uc2dd\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce5c\ub2e4. \uc601\ud5a5\uc740 \uad00\ud560\ubc95 \uc0c1 \uc9c0\uc5ed\uc5d0 \ub530\ub77c \ub2e4\ub974\uba70 \uc784\uc2dc \ud3d0\uc1c4, \ucc98\ub9ac \uc18d\ub3c4 \uc9c0\uc5f0, \uc758\ubb34 \uae30\ud55c \ubcc0\uacbd, \uae30\uc5c5\uacb0\ud569 \uc11c\ub958\uc81c\ucd9c \uc720\uc608 \uc694\uccad \ub4f1\uc744 \ud3ec\ud568\ud55c\ub2e4. \uc774\uc5d0 \ub354\ud574 \ub300\uaddc\ubaa8 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc8fc\uc694 \uc694\uc18c\ub4e4(\ubc18\uacbd\uc7c1 \ubb38\uc81c, \uad6d\uac00\uc548\ubcf4, \uc9c0\uc815\ud559\uc801 \uace0\ub824\uc0ac\ud56d)\uc774 \ub354\uc6b1 \uc911\uc694\ud574\uc84c\ub2e4.<\/p>\n<p>\ud604\uc7ac M&amp;A\ub97c \ucd94\uc9c4 \uc911\uc774\uac70\ub098 \uace7 \ub51c\uc744 \ucd94\uc9c4\ud558\ub824\uace0 \uacc4\ud68d\uc911\uc778 \uae30\uc5c5\ub4e4\uc740 \uc704\uae30\uac00 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc5d0 \uc5b4\ub5a4 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294\uc9c0 \uc6b4\uc601\uc801 \uce21\uba74\uacfc \uac10\ub3c5 \uc218\uc900, \uc694\uad6c\ub418\ub294 \ud5c8\uac00\uc870\uac74(remedies) \ucc28\uc6d0\uc5d0\uc11c \uc774\ud574\ud574\uc57c \ud55c\ub2e4. \uc774\ub7ec\ud55c \uc774\ud574\uc5d0 \uae30\ubc18\ud558\uc5ec \uaddc\uc81c\ub2f9\uad6d\uacfc\uc758 \uc0c1\ud638\uc791\uc6a9\uc744 \ucd5c\uc801\ud654\ud558\uace0 \ub51c\uc758 \uacbd\uc81c\uc801 \uce21\uba74\uc5d0 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\ub294 5\uac00\uc9c0 \uc0ac\uc548\uc744 \ub2e4\ub8e8\uc5b4\uc57c \ud55c\ub2e4. \uc774\ub4e4 \uc0ac\uc548\uc740 \ub9e4\uc218\uc790 \uad00\ub828 \uaddc\uc81c\uc704\ud5d8, \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uac00 \uc694\uad6c\ud558\ub294 \uc870\uac74\uc73c\ub85c \uc778\ud55c \uc2dc\ub108\uc9c0 \uc190\uc2e4 \uac00\ub2a5\uc131, \uc790\uc0b0\uc744 \ub0ae\uc740 \uac00\uaca9(fire-sale price)\uc5d0 \ucc98\ubd84\ud574\uc57c \ud558\ub294 \uacbd\uc6b0, \ud5c8\uac00 \uc9c0\uc5f0\uc73c\ub85c \uc778\ud55c \ubd88\ud655\uc2e4\uc131 \uc7a5\uae30\ud654\uc640 \ube44\uc988\ub2c8\uc2a4 \ubaa8\uba58\ud140 \uc190\uc2e4, \uadf8\ub9ac\uace0 \ubd84\ud560\ub9e4\uac01(divestment)\uc5d0 \uc55e\uc11c \uc790\uc0b0\ubd84\ub9ac(ring-fence)\ub97c \ud574\uc57c \ud560 \ud544\uc694\uc131\uc774\ub2e4.<\/p>\n<h3><strong>\ucf54\ub85c\ub09819\uac00 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc5d0 \uc5b4\ub5a4 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294\uac00?<\/strong><\/h3>\n<p>\ucf54\ub85c\ub09819\uac00 M&amp;A\uc5d0 \ubbf8\uce58\ub294 \uc7a5\uae30\uc801 \uacb0\uacfc\ub97c \uc644\uc804\ud788 \ud3c9\uac00\ud558\uae30\uc5d0\ub294 \uc544\uc9c1 \uc774\ub974\uc9c0\ub9cc, \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc778\uc218\ud569\ubcd1 \uacc4\uc57d\uc744 \uc131\uc0ac\uc2dc\ud0a4\uae30 \uc704\ud55c \ud65c\ub3d9\uc774 \uc790\uc5f0\uc2a4\ub7fd\uac8c \uc790\ubcf8\uc2dc\uc7a5 \ubc0f \uc2e4\ubb3c\uacbd\uc81c \uc545\ud654\uc758 \uc601\ud5a5\uc744 \ubc1b\ub294\ub2e4. <strong>M&amp;A \ud65c\ub3d9\uc774 \uac10\uc18c\ud588\uc73c\uba70<\/strong> \uacbd\uc81c \ud3ed\ud48d\uc744 \uacac\ub51c \uc218 \uc788\uc744 \ub9cc\ud07c \ud2bc\ud2bc\ud55c \uc785\uc9c0\uc758 \ud68c\uc0ac\ub4e4\uc774 \ubd80\uc2e4\uae30\uc5c5 \uc778\uc218\uc5d0 \uc9d1\uc911\ud558\uace0 \uc788\ub2e4. \uc0ac\uc2e4, <strong>\ub9ce\uc740 \uacbd\uc6b0 \uacbd\uae30\uce68\uccb4\ub97c \uae30\ud68c\ub85c \ud65c\uc6a9\ud558\uc5ec<\/strong> M&amp;A\ub97c \ud1b5\ud55c \uac00\uce58\ub97c \ucc3d\ucd9c\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p>\ub610\ud55c, \ubcf8\uace0 \uc791\uc131 \uc2dc\uc810\uc744 \uae30\uc900\uc73c\ub85c, \uaddc\uc81c\ub2f9\uad6d\uc758 \uc6b4\uc601\uc774 \ucf54\ub85c\ub09819\ub85c \uc778\ud574 \uc911\ub2e8\ub418\uc5c8\ub2e4. \uc0c1\ud669\uc774 \ub9e4\uc6b0 \uc720\ub3d9\uc801\uc774\uc9c0\ub9cc, \ub9ce\uc740 \uc9c0\uc5ed\uc5d0\uc11c \uc784\uc6d0 \ubc0f \uc9c1\uc6d0\ub4e4\uc774 \uc7ac\ud0dd\uadfc\ubb34\ub97c \ud558\uace0 \uc788\uace0, \uc774\ub294 \uc778\uc218\ud569\ubcd1 \ub51c \ucd94\uc9c4 \ub2f9\uc0ac\uc790 \ubc0f \uc774\ub4e4\uc758 \ub300\ub9ac\uc778\ub4e4\uacfc\uc758 \uc0c1\ud638\uc791\uc6a9\uc774 \ud654\uc0c1, \uc720\uc120, \ub610\ub294 \uc774\uba54\uc77c\ub85c \uc77c\uc5b4\ub098\uace0 \uc788\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4. \uc77c\ubd80 \uaddc\uc81c\uae30\uad00\uc740 \uc11c\ub958\uc81c\ucd9c\uc744 \uc804\uc790 \uc81c\ucd9c\ub85c \uc804\ud658\ud558\uac70\ub098 \uc0c1\ub2f9\ubd80\ubd84 \ud65c\uc6a9\ud558\uace0 \uc788\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ubbf8\uad6d\uc758 \uaddc\uc81c\uae30\uad00\ub4e4\uc740 \uc77c\uc2dc\uc801\uc778 \uc804\uc790 \uc11c\ub958\uc81c\ucd9c \uc2dc\uc2a4\ud15c\uc744 \ub3c4\uc785\ud588\ub2e4. \ub610\ud55c \uaddc\uc81c\uae30\uad00\ub4e4\uc740 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc694\uccad \uc2ec\uc0ac\uc5d0 \ud544\uc694\ud55c \uc2dc\uc7a5\uc815\ubcf4\ub97c \uace0\uac1d, \uacf5\uae09\uc5c5\uccb4, \uacbd\uc7c1\uc5c5\uccb4 \ub4f1 \uad00\ub828 \ub2f9\uc0ac\uc790\ub4e4\ub85c\ubd80\ud130 \uc218\uc9d1\ud558\ub294 \ub370 \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc720\ub7fd\uc5f0\ud569\uc758 \uaddc\uc81c\uae30\uad00\ub4e4\uc740 \uc778\uc218\ud569\ubcd1 \ub51c \ucd94\uc9c4 \ub2f9\uc0ac\uc790\ub4e4\uc744 \ub300\uc0c1\uc73c\ub85c \uac00\ub2a5\ud558\ub2e4\uba74 \uc11c\ub958\uc81c\ucd9c\uc744 \uc5f0\uae30\ud558\ub3c4\ub85d \uad8c\uace0\ud588\ub2e4. \ubc18\ub300\ub85c, \uc911\uad6d\uc758 \uaddc\uc81c\uae30\uad00\uc740 \uc815\uc0c1 \uc6b4\uc601\uc744 \uc7ac\uac1c\ud558\uace0, \ucf54\ub85c\ub09819 \uc704\uae30\ub85c \uc778\ud574 \ubc1c\uc0dd\ud55c \ub3c4\uc804\uacfc\uc81c\ub97c \ud574\uacb0\ud558\ub294 \ub370 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud558\ub294 \uc77c\ubd80 \uc0b0\uc5c5 \ub610\ub294 \ud2b9\ud788 \uc2ec\ud55c \ud0c0\uaca9\uc744 \uc785\uc740 \uc0b0\uc5c5\uc744 \ub300\uc0c1\uc73c\ub85c \uc2ec\uc0ac \ud504\ub85c\uc138\uc2a4\ub97c \uac00\uc18d\ud654\ud588\ub2e4.<\/p>\n<p>\ub2e4\ub978 \uc9c0\uc5ed\uc5d0\uc11c\ub3c4 \uc6b0\uc120\uc21c\uc704\uac00 \ub192\uc740 \ub51c\ub4e4\uc5d0 \ub300\ud574 \uc2e0\uc18d\ud55c \uc2ec\uc0ac\ub97c \ud558\ub294 \ub370 \uc911\uc810\uc744 \ub450\uace0 \uc815\uc0c1\uc801\uc778 \uc6b4\uc601\uc744 \uc7ac\uac1c\ud558\ub294 \uac83\uc774 \uc911\uc694\ud558\ub2e4. \ud5a5\ud6c4 \uc218\uac1c\uc6d4 \ub0b4\uc5d0, \uc7ac\ubb34\uc801\uc73c\ub85c \ub354 \uac74\uc2e4\ud55c \uacbd\uc7c1\uc790\ub4e4\uc774 \uc5b4\ub824\uc6b4 \ub9e4\uac01 \uae30\uc5c5\ub4e4\uc744 \uc778\uc218\ud558\uac8c \ub418\ub294 \ud615\ud0dc\uc758 \ub51c \ube44\uc911\uc774 \ub192\uc544\uc9c8 \uac83\uc73c\ub85c \uc608\uc0c1\ud55c\ub2e4. \ub3c5\uc810\uae08\uc9c0 \ubb38\uc81c\ub97c \ud574\uacb0\ud558\uae30 \uc704\ud574 \ub2f9\uc0ac\uc790\ub4e4\uc740 \ud574\ub2f9 \uc778\uc218\uac00 \uc2e4\ud328\ud560 \uc218\ub3c4 \uc788\ub294 \uc0ac\uc5c5\uc758 \uc9c0\uc18d\uc744 \uac00\ub2a5\ud558\uac8c \ud568\uc73c\ub85c\uc368 \uc2e4\uc81c\ub85c \uacbd\uc7c1\uc744 \uc57d\ud654\uc2dc\ud0a4\uae30 \ubcf4\ub2e4\ub294 \ucd09\uc9c4\ud55c\ub2e4\ub294 \ub17c\ub9ac\ub85c \uaddc\uc81c\uae30\uad00\uc744 \uc124\ub4dd\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p>\uad6d\uacbd \uac04 \uac70\ub798\uc5d0 \ub300\ud55c \uac10\ub3c5\uc740 \ucf54\ub85c\ub09819 \uc704\uae30\ub85c \ucd5c\uadfc \uac01\uad6d \uc815\ubd80\uc5d0\uc11c \uad6d\uc775\uc5d0 \uad00\ub828\ub41c\ub2e4\uace0 \uc5ec\uaca8\uc9c0\ub294 \uc0ac\uc5c5\uccb4\ub4e4\uc744 \ubcf4\ud638\ud558\uae30 \uc704\ud574 \uc18c\uc704 \uc678\uad6d\uc778\ud22c\uc790 \ud5c8\uac00\uc81c\ub3c4(foreign investment approvals)\ub97c \ucc44\ud0dd\ud558\uac70\ub098 \ud655\ub300\ud558\ub294 \ucd5c\uadfc\uc758 \ucd94\uc138\uac00 \uac15\ud654\ub428\uc5d0 \ub530\ub77c \ub354 \uc5c4\uaca9\ud574 \uc9c8 \uc218 \uc788\ub2e4. \uaddc\uc81c\ub2f9\uad6d\ub4e4\uc740 \uad6d\uac00\uc548\ubcf4\ub97c \uc774\uc720\ub85c \ub2e4\uc218\uc758 \uc911\uc694 \uac70\ub798\ub4e4\uc744 \ubd88\ud5c8\ud588\ub2e4. \uc608\ub97c \ub4e4\uc5b4 2018\ub144 \u7f8e\uc678\uad6d\uc778\ud22c\uc790\uc2ec\uc758\uc704\uc6d0\ud68c(Committee on Foreign Investments in the United States, CFIUS)\ub294 \ub2f9\uc2dc \uc2f1\uac00\ud3ec\ub974\uc5d0 \ubcf8\uc0ac\ub97c \ub454 Broadcom\uc774 \uce69 \uc81c\uc870\uc0ac\uc778 Qualcomm\uc744 \uc778\uc218\ud558\ub294 \uac83\uc744 \uc800\uc9c0\ud588\ub2e4. \uadf8 \ud6c4, \uc678\uad6d\uc778\ud22c\uc790 \uc704\ud5d8\uc870\uc0ac \ud604\ub300\ud654\ubc95(Foreign Investment Risk Review Modernization Act, FIRRMA)\uc73c\ub85c \uc778\ud574 CFIUS\ub294 \uc678\uad6d\uc790\ubcf8\uc758 \ubbf8\uad6d\uae30\uc5c5 \uc778\uc218\ub97c \uc870\uc0ac\ud558\uace0 \uc800\uc9c0\ud560 \uc218 \uc788\ub294 \ucd94\uac00\uc801\uc778 \uad8c\ud55c\uc744 \ubd80\uc5ec \ubc1b\uac8c \ub41c\ub2e4. \uc704\uae30\ub85c \uc778\ud574 \uc911\uc694 \uc758\uc57d\ud488 \ub4f1\uc5d0 \ub300\ud55c \uc2ec\uac01\ud55c \uacf5\uae09\ub9dd \ud63c\ub780\uc774 \ubc1c\uc0dd\ud588\uc74c\uc744 \uac10\uc548\ud560 \ub54c, \uc778\uc218\ud569\ubcd1 \ub51c \ucd94\uc9c4 \ub2f9\uc0ac\uc790\ub4e4\uc740 \uaddc\uc81c\uae30\uad00\uc774 \uc5b4\ub5a4 \uc778\uc218 \uac70\ub798\uac00 \uad6d\uac00\uc548\ubcf4\uc5d0 \uc704\ud611\uc774 \ub418\ub294\uc9c0 \ud3ed\ub113\uac8c \uc0b4\ud3b4\ubcfc \uac83\uc784\uc744 \uc608\uc0c1\ud574\uc57c \ud55c\ub2e4. \uc2e4\uc81c\ub85c EU\ub294 \uc911\uc694 \uc758\ub8cc\ubcf4\uac74 \uc778\ud504\ub77c \ubc0f \uc758\uc57d\ud488 \uacf5\uae09\uacfc \uad00\ub828\ud55c \uac70\ub798\ub97c \uac10\ub3c5\ud558\uae30 \uc704\ud558\uc5ec \ud68c\uc6d0\uad6d\uc5d0\uac8c \uc678\uad6d\uc778\ud22c\uc790 \ud5c8\uac00\uc81c\ub3c4\ub97c \uc801\uc6a9\ud560 \uac83\uc744 \uad8c\uace0\ud588\ub2e4.<\/p>\n<p>\uc704\uae30\uc640 \uad00\ub828\ud55c \ubcf5\uc7a1\ud55c \ubb38\uc81c\ub4e4\uc740 \uc219\ub828\ub41c \uc778\uc218\ud569\ubcd1 \ub51c \ucd94\uc9c4\uc790\ub77c\uba74 \uc774\ubbf8 \uc798 \uc54c\uace0 \uc788\ub294 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00 \ud68d\ub4dd\uc758 \uc5b4\ub824\uc6c0\uc744 \uac00\uc911\uc2dc\ud0a8\ub2e4. \uacbd\uc6b0\uc5d0 \ub530\ub77c \uaddc\uc81c\ub2f9\uad6d\uc740 \uc2dc\uc7a5 \uacbd\uc7c1\uc744 \uc720\uc9c0\ud558\uae30 \uc704\ud574 \uc0c1\ub2f9\ud55c \ubd84\ud560\ub9e4\uac01\uc744 \uc694\uad6c\ud558\uae30\ub3c4 \ud55c\ub2e4. \uc774\ub7ec\ud55c \uc694\uad6c\ub294 2015\ub144 \ub300\uaddc\ubaa8 \uc81c\uc57d\ud68c\uc0ac GlaxoSmithKline\uacfc Novartis \uac04 \uc790\uc0b0 \uc2a4\uc651 \ud5c8\uac00\uc5d0 \ud544\uc694\ud55c \uc870\uac74\uc774 \ub418\uc5c8\ub2e4.<\/p>\n<p>\ub2f9\uc0ac\uc790\ub4e4\uc774 \uc81c\uc548\ud55c \ud5c8\uac00\uc870\uac74\uc774 \ubd88\ucda9\ubd84\ud558\ub2e4\uace0 \uac04\uc8fc\ub418\ub294 \uacbd\uc6b0 \uaddc\uc81c\ub2f9\uad6d\uc774 \ub51c\uc744 \ubd88\ud5c8\ud55c\ub2e4. \uc608\ub97c \ub4e4\uc5b4 2019\ub144 EU \uaddc\uc81c\uae30\uad00\uc740 \ucca0\uac15 \uc0b0\uc5c5 \ub0b4 Thyssenkrupp\uc640 Tata \uac04 \ud569\uc791\ud22c\uc790 \uc81c\uc548\uc744 \uacf5\uc2dd\uc801\uc73c\ub85c \ubd88\ud5c8\ud588\ub2e4. \ubc18 \uacbd\uc7c1 \uc6b0\ub824\ub97c \ud574\uacb0\ud558\uae30 \uc704\ud574, \ub2f9\uc0ac\uc790\ub4e4\uc740 \uc790\ub3d9\ucc28 \ucc28\uccb4 \ud310\uae08 \uc0dd\uc0b0\uacfc \uad00\ub828\ud55c \uc0ac\uc5c5\uc758 \uc77c\ubd80\ub97c \ub9e4\uac01\ud558\ub294 \ub370 \ub3d9\uc758\ud588\ub2e4. \uadf8\ub7ec\ub098 \uaddc\uc81c\ub2f9\uad6d\uc5d0\uc11c\ub294 \uc774\uc5d0 \ub9cc\uc871\ud558\uc9c0 \uc54a\uc558\uc73c\uba70 \uc5ec\ud0c0 \ucca0\uac15\uc81c\ud488\uc758 \uc0dd\uc0b0 \ubd80\ubb38\ub3c4 \ucc98\ubd84\ud558\uae30\ub97c \uc6d0\ud588\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c, \ub2f9\uc0ac\uc790\ub4e4\uc740 \uc694\uad6c\ub418\ub294 \uc870\uac74\uc774 \ud569\uc791\ud22c\uc790\uc758 \u201c\ub17c\ub9ac\ub97c \ud6fc\uc190\u201d\ud55c\ub2e4\ub294 \uc774\uc720\ub85c \ub3d9\uc758\ud558\uc9c0 \uc54a\uc558\ub2e4.<\/p>\n<p>\ucc98\uc74c\ubd80\ud130 \uaddc\uc81c \uae30\uad00\uc774 \ubd88\ud5c8\ud558\ub294 \uacbd\uc6b0\ub3c4 \uc788\ub2e4. 2019\ub144 EU \uaddc\uc81c\ub2f9\uad6d\uc740 \ucca0\ub3c4\uc7a5\ube44 \uc0b0\uc5c5\uc758 \uacbd\uc7c1\uad6c\ub3c4\ub97c \ud574\uce5c\ub2e4\ub294 \uc774\uc720\ub85c Siemens\uac00 Alstom\uc744 \uc778\uc218\ud558\ub294 \uac83\uc744 \ubd88\ud5c8\ud588\ub2e4.<br \/>\n2014\ub144\ubd80\ud130 2019\ub144\uae4c\uc9c0 \uc720\ub7fd \uae30\uc5c5\uc758 \uc778\uc218\ud569\ubcd1 \ub51c\uc744 \ubd84\uc11d\ud55c \uacb0\uacfc EU \uaddc\uc81c\uae30\uad00\uc774 \ucd1d 600\uc5b5 \ub2ec\ub7ec\uc758 \ub300\uaddc\ubaa8 \ub51c\uc744 \ubd88\ud5c8\ud588\uc74c\uc744 \uc54c \uc218 \uc788\uc5c8\ub2e4. \uc608\uc0c1\ud560 \uc218 \uc788\ub4ef\uc774, \uac70\ub798 \uaddc\ubaa8\uac00 \uc99d\uac00\ud560\uc218\ub85d \ud5c8\uac00\uc870\uac74\uc774 \uc694\uad6c\ub420 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9c4\ub2e4. \ubd84\ud560\ub9e4\uac01\uc774 \uac00\uc7a5 \uc77c\ubc18\uc801\uc778 \ud5c8\uac00\uc870\uac74\uc774\uba70(\ub3c4\ud45c 1 \ucc38\uc870), \ubbf8\uad6d\uc5d0\uc11c\ub3c4 \ube44\uc2b7\ud55c \ucd94\uc138\uac00 \ub098\ud0c0\ub09c\ub2e4.<\/p>\n<h3><a href=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1991\" src=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1.jpg\" alt=\"\" width=\"915\" height=\"508\" title=\"\" srcset=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1.jpg 915w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1-300x167.jpg 300w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1-768x426.jpg 768w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1-696x385.jpg 696w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-1-756x420.jpg 756w\" sizes=\"auto, (max-width: 915px) 100vw, 915px\" \/><\/a><strong>\ud6a8\uacfc\uc801\uc73c\ub85c \ud504\ub85c\uc138\uc2a4\ub97c \uc9c4\ud589\ud558\ub294 \ubc29\ubc95<\/strong><\/h3>\n<p>\ubcf5\uc7a1\uc131\uacfc \uac10\ub3c5 \uc218\uc900\uc774 \uc99d\uac00\ud558\ub294 \uc0c1\ud669\uc5d0\uc11c \uae30\uc5c5\ub4e4\uc740 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00 \ud504\ub85c\uc138\uc2a4\ub97c \uc9c4\ud589\ud560 \ub54c \ub51c\uc758 \uacbd\uc81c\uc131\uc744 \uc801\uadf9\uc801\uc73c\ub85c \ubcf4\uc874\ud560 \uc900\ube44\uac00 \ub418\uc5b4 \uc788\uc5b4\uc57c \ud55c\ub2e4. \uc774 \ub54c, \uc544\ub798\uc758 \uc870\uce58\ub4e4\uc744 \uc5fc\ub450\uc5d0 \ub450\uc5b4\uc57c \ud55c\ub2e4.<\/p>\n<p><strong>\ub51c\uc758 \ud655\uc2e4\uc131\uc744 \ub192\uc774\uae30 \uc704\ud55c \uc870\uce58\ub97c \ucde8\ud558\ub77c.<\/strong> \uacbd\uc7c1\uc785\ucc30\uc5d0\uc11c \ubaa8\ub4e0 \uc870\uac74\uc774 \ub3d9\uc77c\ud558\ub2e4\uba74, \ub9e4\uac01 \ud68c\uc0ac\ub294 \uaddc\uc81c\ubb38\uc81c\ub97c \uc81c\uae30\ud560 \uac00\ub2a5\uc131\uc774 \uc801\uc740 \uc785\ucc30\uc790\ub97c \uc6b0\uc120 \uc120\ud0dd\ud558\uc5ec, \uac70\ub798 \ud5c8\uac00 \ud655\ub960\uc744 \ub192\uc774\ub824 \ud560 \uac83\uc774\ub2e4. \uc77c\ubd80 \ub9e4\uc218\uc790\uc758 \ud2b9\uc9d5\uc73c\ub85c \uc778\ud574 \ub2f9\uc0ac\uc790\ub4e4\uc774 \ud5c8\uac00\uc870\uac74\uc5d0 \ub300\ud574 \ud569\uc758\ud558\uc9c0 \ubabb\ud558\uace0, \uacb0\uacfc\uc801\uc73c\ub85c \uaddc\uc81c\uae30\uad00\uc758 \ud5c8\uac00 \uacfc\uc815\uc774 \uae38\uc5b4\uc9c0\uac70\ub098, \uac70\ub798\uac00 \ubd88\ud5c8\ub418\uac70\ub098 \uac70\ub798 \uc790\uccb4\uac00 \uc218\ud3ec\ub85c \ub3cc\uc544\uac08 \uc704\ud5d8\uc774 \ub192\uc544\uc9c8 \uc218 \uc788\ub2e4. \uaddc\uc81c\uc704\ud5d8\uc774 \ub192\uc544\uc9c0\ub294 \uac83\uc744 \ubcf4\uc0c1\ud558\uae30 \uc704\ud574 \ub9e4\uc218\uc790\uac00 \uc778\uc218\ub97c \uc131\uc0ac\uc2dc\ud0a4\ub824\uba74 \ub354 \ub192\uc740 \uac00\uaca9\uc73c\ub85c \uc785\ucc30\ud574\uc57c \ud560 \uc218\ub3c4 \uc788\ub2e4. \ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uaddc\uc81c\uae30\uad00\uc758 \uac70\ub798\uc2ec\uc0ac \ubc29\ubc95\uc5d0 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0 \ub2f9\uc0ac\uc790\ub4e4\uc774 \uace0\ub824\ud574\uc57c \ud560 \uc7a0\uc7ac\uc801\uc778 \uaddc\uc81c\uc704\ud5d8 \uc694\uc18c\uac00 \uc99d\uac00\ud55c\ub2e4.<\/p>\n<p>\ub9e4\uc218\uc790\ub294 \ud655\uc2e4\uc131\uc744 \ub192\uc774\ub294 \ubc29\ubc95\uc744 \ubaa8\uc0c9\ud560 \uc218 \uc788\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \ud6c4\ubcf4 \ub9e4\uc218\uc790\uac00 \uaddc\uc81c\ubb38\uc81c\ub97c \uc608\uc0c1\ud558\uace0, \uaddc\uc81c\ubb38\uc81c\ub97c \uc77c\uc73c\ud0ac \uac00\ub2a5\uc131\uc774 \uc788\ub294 \ud53c\uc778\uc218 \uae30\uc5c5\uc758 \uc0ac\uc5c5\uc744 \uc778\uc218\ud558\ub824\ub294 \ub2e4\ub978 \uc785\ucc30\uc790\uc640 \uc190\uc744 \uc7a1\uc740 \uacbd\uc6b0\uac00 \uc788\ub2e4. \uc774\ub7ec\ud55c \uc720\ud615\uc758 \uac70\ub798 \uad6c\uc870\ub294 \uac70\ub798 \ud655\uc2e4\uc131\uc5d0 \ub300\ud55c \ub9e4\uac01 \uae30\uc5c5\uc758 \ubd88\uc548\uac10\uc744 \uc644\ud654\ud560 \uc218 \uc788\ub2e4. \uadf8\ub7ec\ub098 \uc774\ub7ec\ud55c \uac70\ub798\ub294 \ubcf8\uc9c8\uc801\uc73c\ub85c \uad6c\uc131\ud558\uae30\uac00 \ubcf5\uc7a1\ud560 \ubfd0 \uc544\ub2c8\ub77c, \uc6d0 \ub9e4\uc218\uc790\uac00 \uc785\ucc30 \ud30c\ud2b8\ub108\uc5d0\uac8c \uc7ac\ubb34\uc801\uc73c\ub85c \ub9e4\ub825\uc801\uc778 \uac70\ub798\ub97c \uc81c\uacf5\ud558\ub3c4\ub85d \uc694\uad6c\ud568\uc5d0 \ub530\ub77c \ub300\uc0c1\uae30\uc5c5 \uc778\uc218\uc640 \uad00\ub828\ud55c \uacbd\uc81c\uc131\uc744 \ud574\uce60 \uc218 \uc788\ub2e4.<\/p>\n<p><strong>\ud5c8\uac00\uc870\uac74\uc774 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \uc774\ud574\ud558\ub77c.<\/strong> \ube44\uc6a9 \ubc0f \uc218\uc775 \uc2dc\ub108\uc9c0 \ud6a8\uacfc \ub2ec\uc131\uc740 \uc77c\ubc18\uc801\uc73c\ub85c \uac70\ub798\uc758 \uae30\ubcf8\uc801\uc778 \uc774\ub860\uc801 \uadfc\uac70\ub85c \uc791\uc6a9\ud55c\ub2e4. \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\ub97c \ud68d\ub4dd\ud558\uae30 \uc704\ud574 \ub2f9\uc0ac\uc790\ub4e4\uc774 \uc790\uc2e0\uc758 \uc0ac\uc5c5\uc758 \uc77c\ubd80\ub97c \ucc98\ubd84\ud574\uc57c \ud55c\ub2e4\uac70\ub098 \uc778\uc218 \ub300\uc0c1\uc5d0\uc11c \uc81c\uc678\ud574\uc57c \ud558\ub294 \uacbd\uc6b0\uc5d0\ub294 \ub2f9\uc5f0\ud788 \ud1b5\ud569 \ub300\uc0c1\uc774 \ub420 \uc911\ubcf5 \uc0ac\uc5c5\ub4e4\uc774 \uc801\uc5b4\uc838\uc11c \uc2e4\ud604\ud560 \uc218 \uc788\ub294 \uc2dc\ub108\uc9c0\ub3c4 \uc904\uc5b4\ub4e4\uac8c \ub41c\ub2e4.<\/p>\n<p>\ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uc2dc\ub108\uc9c0\uc5d0 \uc9c1\uc811\uc801 \uc601\ud5a5\uc744 \ubbf8\uce60 \ud655\ub960\uc740 \ub0ae\uc9c0\ub9cc, \uaddc\uc81c\uae30\uad00\uc758 \ud5c8\uac00\uc870\uac74 \ubc94\uc704(\uc608: \uad6d\uac00\uc548\ubcf4\uc758 \uc774\uc720\ub85c \ub51c\uc5d0\uc11c \uc0ac\uc5c5 \uc77c\ubd80\ub97c \uc81c\uc678)\uc640 \uad00\ub828\ud55c \uc758\uc0ac\uacb0\uc815\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce5c\ub2e4\uba74 \uc2dc\ub108\uc9c0\uc5d0 \uac04\uc811\uc801\uc778 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\ub2e4. \uc55e\uc11c \uc5b8\uae09\ud588\ub4ef\uc774 \ucf54\ub85c\ub09819 \uc704\uae30 \uc774\uc804\uc5d0\ub3c4 \uaddc\uc81c\ub2f9\uad6d\uc774 \ud5c8\uac00\uc870\uac74\uc73c\ub85c \ubd84\ud560\ub9e4\uac01\uc744 \uc694\uad6c\ud568\uc73c\ub85c\uc368 \uc608\uc815\ub418\uc5c8\ub358 \uc2dc\ub108\uc9c0 \uac00\uce58\uac00 \uac10\uc18c\ud558\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc558\uc73c\uba70, \uadf9\ub2e8\uc801\uc778 \uacbd\uc6b0\uc5d0\ub294 \uac70\ub798\uc758 \ub17c\ub9ac\ub97c \uc644\uc804\ud788 \uc190\uc0c1\uc2dc\ucf30\ub2e4.<br \/>\n\uc219\ub828\ub41c \ub9e4\uc218\uc790\ub294 \uaddc\uc81c \ud504\ub85c\uc138\uc2a4\uac00 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \uc608\uce21\ud55c\ub2e4. \uc774\ub4e4\uc740 \ube44\uc988\ub2c8\uc2a4, \uae30\ub2a5 \ubc0f \uc9c0\uc5ed\ubcc4\ub85c \ud3ec\uad04\uc801\uc778 \uc2dc\ub108\uc9c0 \ubd84\uc11d\uc744 \uc218\ud589\ud55c\ub2e4. \ub610\ud55c \ud53c\uc778\uc218 \ud68c\uc0ac\uc5d0\uc11c \ud2b9\uc815 \uc0ac\uc5c5 \ub610\ub294 \uad6d\uac00 \ub2e8\uc704\ub97c \uc81c\uc678\ud574\uc57c \ud558\ub294 \uc694\uad6c\uc0ac\ud56d\uacfc \uac19\uc740 \ub2e4\uc591\ud55c \uaddc\uc81c \uc2dc\ub098\ub9ac\uc624\uac00 \uc2dc\ub108\uc9c0\uc5d0 \uc5b4\ub5a4 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294\uc9c0 \uace0\ub824\ud55c\ub2e4. \uc7a0\uc7ac\uc801 \ub9e4\uc218\uc790\uac00 \ub2e4\uc591\ud55c \uaddc\uc81c \uc2dc\ub098\ub9ac\uc624 \ubc0f \uad00\ub828 \uc7ac\ubb34\uc601\ud5a5\uc744 \ud0d0\uc0c9\ud558\ub294 \uc0c1\uc138\ud55c \uc544\uc6c3\uc0ac\uc774\ub4dc-\uc778(outside-in) \uc2dc\ub108\uc9c0 \ubaa8\ub378\uc744 \uad6c\ucd95\ud55c \uc0ac\ub840\ub3c4 \uc788\ub2e4. \ud574\ub2f9 \ubaa8\ub378\uc740 \uac01 \uc2dc\ub098\ub9ac\uc624\uc5d0 \ub300\ud574 \uac00\uce58 \ucc3d\ucd9c \uc7a0\uc7ac\ub825\uacfc \ud5c8\uac00\uc870\uac74\uc774 \ucd08\ub798\ud558\ub294 \uc77c\ud68c\uc131 \ubd84\ud560\ub9e4\uac01 \ube44\uc6a9\uc744 \ubc18\uc601\ud588\ub2e4. \uc774 \ubaa8\ub378\ub9c1\uc740 \uac00\uce58 \ucc3d\ucd9c \ubaa9\ud45c\uc640 \uaddc\uc81c \ub9ac\uc2a4\ud06c \uace0\ub824\uc0ac\ud56d\uc758 \uade0\ud615\uc744 \ub9de\ucd94\ub294 \uc801\uadf9\uc801 \uaddc\uc81c\uc804\ub7b5\uc5d0 \ud544\uc694\ud55c \uc815\ubcf4\ub97c \uc81c\uacf5\ud588\ub2e4.<\/p>\n<p><strong>\ud5d0\uac12 \ubd84\ud560\ub9e4\uac01\uc774 \uac00\uce58\ucc3d\ucd9c\uc5d0 \ubbf8\uce60 \uc601\ud5a5\uc744 \ud3c9\uac00\ud558\ub77c.<\/strong> \ub9e4\uc218\uc790\ub4e4\uc774 \ud5c8\uac00\uc870\uac74\uc744 \ucda9\uc871\ud558\uae30 \uc704\ud574 \uc790\uc0b0\uc744 \ucc98\ubd84\ud574\uc57c \ud568\uc5d0 \ub530\ub77c \uc0c1\ub2f9\ud55c \uac00\uce58\uc190\uc2e4\uc744 \uacbd\ud5d8\ud558\ub294 \uac83\uc774 \uad00\ucc30\ub418\uc5c8\ub2e4(\ub3c4\ud45c 2 \ucc38\uc870). \ud604\uc7ac\uc758 \uc704\uae30\ub85c \uae30\uc5c5\ub4e4\uc758 \uc778\uc218\uc5d0 \ub300\ud55c \uc758\uc695\uc774 \uc57d\ud654\ub41c\ub2e4\uba74, \ubd84\ud560\ub9e4\uac01\uc73c\ub85c \uc778\ud55c \uac00\uce58 \uc190\uc2e4, \ud2b9\ud788\ub098 \ud5d0\uac12\uc73c\ub85c \ubd84\ud560\ub9e4\uac01\uc774 \uc77c\uc5b4\ub098\ub294 \uacbd\uc6b0\uc5d0\ub294 \uac00\uce58\uc190\uc2e4\uc774 \ucee4\uc9c8 \uac83\uc774\ub2e4.<\/p>\n<p><a href=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1992\" src=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2.jpg\" alt=\"\" width=\"915\" height=\"508\" title=\"\" srcset=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2.jpg 915w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2-300x167.jpg 300w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2-768x426.jpg 768w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2-696x385.jpg 696w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-2-756x420.jpg 756w\" sizes=\"auto, (max-width: 915px) 100vw, 915px\" \/><\/a>\ucd5c\uadfc \ubcf4\uac74\uc758\ub8cc \uae30\uc5c5\uacb0\ud569\uc5d0\uc11c EU \uaddc\uc81c\ub2f9\uad6d\uc740 \uc778\uc218\ub97c \uc6d0\ud558\ub294 \uae30\uc5c5\uc5d0 \uc758\uc57d\ud488 \ubc0f \uad00\ub828 \uc0ac\uc5c5\uc744 \ucc98\ubd84\ud560 \uac83\uc744 \uc694\uad6c\ud588\ub2e4. \ud574\ub2f9 \uc0ac\uc5c5\uc5d0\ub294 \uc601\uc5c5, R&amp;D, \uc81c\uc870 \ubd80\ubb38\ub3c4 \ud3ec\ud568\ub420 \uc218 \uc788\uc5c8\ub2e4. \ubd84\ud560\ub9e4\uac01\uc758 \uc815\ud655\ud55c \ubc94\uc704\ub294 \uc5b4\ub290 \ud68c\uc0ac\uac00 \uc758\uc57d\ud488 \uc0ac\uc5c5\uc744 \ub9e4\uc785\ud558\ub294\uc9c0\uc5d0 \ub2ec\ub824\uc788\uc5c8\ub2e4. \ub2e4\uc218\uc758 \ud6c4\ubcf4 \uc778\uc218\uae30\uc5c5\uc774 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uaddc\uc81c\ub2f9\uad6d\uc740 \ud55c \ud68c\uc0ac\uac00 \uc2dc\uc7a5\uacbd\uc7c1\uc744 \uc720\uc9c0\ud558\uae30\uc5d0 \ud2b9\ud788 \uc88b\uc740 \uc704\uce58\uc5d0 \uc788\ub2e4\uace0 \ud310\ub2e8\ud588\ub2e4. \ud574\ub2f9 \ud68c\uc0ac\uac00 \uad81\uadf9\uc801\uc73c\ub85c \uc9c0\ubd88\ud55c \uc778\uc218\uac00\ub294 \ud574\ub2f9 \ud68c\uc0ac\uac00 \ub2f9\ucd08 \uc608\uce21\ud588\ub358 \uc758\uc57d\ud488 \uc0ac\uc5c5 \uac00\uce58\uc758 \uc808\ubc18\ub3c4 \uc548 \ub418\ub294 \uae08\uc561\uc774\uc5c8\ub2e4.<\/p>\n<p>\uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\ub97c \ud655\ubcf4\ud558\uae30 \uc704\ud574 \ud5d0\uac12\ub9e4\uac01\uc744 \ud574\uc57c \ud558\ub294 \uacbd\uc6b0, \ub9e4\uc218\uc790\ub294 \uc774\ub97c \ubcf4\uc0c1\ud558\ub294 \ub370 \ud544\uc694\ud55c \ucd94\uac00 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uc640 \uac00\uce58\ucc3d\ucd9c\uc744 \ud310\ub2e8\ud574\uc57c \ud55c\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uba85\ubaa9 \uac00\uce58\uac00 5\uc5b5 \ub2ec\ub7ec\uc778 \uc0ac\uc5c5\uc774 2\uc5b5 6\ucc9c\ub9cc \ub2ec\ub7ec\uc5d0 \ub9e4\uac01\ub418\ub294 \uacbd\uc6b0, \uc9c0\ub098\uce58\uac8c \ub0ae\uc740 \ub9e4\uac01\uac00\uc758 \uc601\ud5a5\uc744 \uc0c1\uc1c4\ud558\uae30 \uc704\ud574 \uc57d 2\ucc9c\ub9cc \ub2ec\ub7ec\uc758 \ucd94\uac00 \uc5f0\uac04 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uac00 \ud544\uc694\ud558\ub2e4. (\uc774\ub294 \uc5ec\ub7ec \uc0b0\uc5c5\uc5d0 \uac78\uce5c \uc7a5\uae30 \ud3c9\uade0\uac12\uc778 EBITDA \ubc30\uc218 12\ubc30\ub97c \uac00\uc815\ud558\uba70, \uac70\ub798\uc2e4\ud589\uc5d0 \uc18c\uc694\ub418\ub294 \ube44\uc6a9\uc740 \uace0\ub824\ud558\uc9c0 \uc54a\ub294\ub2e4.)<\/p>\n<p>\ud5d0\uac12\ub9e4\uac01 \uc704\ud5d8\uc744 \uc904\uc774\uace0 \uac00\uce58\uc190\uc2e4\uc744 \ucd5c\uc18c\ud654\ud558\uae30 \uc704\ud574, \uae30\uc5c5\uc740 \uc778\uc218 \ubc0f \ud1b5\ud569 \ud504\ub85c\uc138\uc2a4\uac00 \uc9c4\ud589\ub420 \ub54c \ud5c8\uac00\uc870\uac74\uc778 \uae30\uc5c5\ubd84\ud560 \ud504\ub85c\uc138\uc2a4\ub97c \ucca0\uc800\ud558\uac8c \uc218\ud589\ud574\uc57c \ud55c\ub2e4\ub294 \ud544\uc694\uc131\uc744 \uac04\uacfc\ud574\uc11c\ub294 \uc548 \ub41c\ub2e4. \ud574\ub2f9 \uae30\uc5c5\uc740 \ubaa8\ub4e0 \uae30\uc5c5\ubd84\ud560\uc5d0 \ub300\ud574 \uc5c4\uaca9\ud558\uac8c \uc811\uadfc\ud558\ub294 \ub9cc\ud07c\uc774\ub098 \ud5c8\uac00\uc870\uac74\uc778 \ubd84\ud560\ub9e4\uac01\uc5d0 \ucca0\uc800\ud558\uac8c \uc811\uadfc\ud574\uc57c \ud55c\ub2e4. \uc774\ub294 \ub9e4\uc218\uc790 \ubd84\uc11d\uc744 \ud3ec\ud568\ud558\ub294 \uc2e0\uc911\ud55c \ubd84\ud560\ub9e4\uac01 \uc804\ub7b5 \uc218\ub9bd \ubc0f \uac01 \uc7a0\uc7ac\uc801 \ub9e4\uc218\uc790\uc5d0 \ub300\ud55c \uac00\uce58\ucc3d\ucd9c \uadfc\uac70 \uc608\uce21, \ub9e4\uc218\uc790\uc758 \ub2c8\uc988\ub97c \ucda9\uc871\ud558\uace0 \uaddc\uc81c\uae30\uad00\uc758 \uc6b0\ub824\ub97c \ud574\uacb0\ud560 \ubd84\ud560\ub9e4\uac01\uc758 \uc6b4\uc601\ubc94\uc704 \uc608\uce21\uc744 \uc218\ubc18\ud55c\ub2e4. \uc778\uc218\ub97c \ucd94\uc9c4\ud558\ub294 \uc8fc\uccb4\ub294 \uc124\ub4dd\ub825 \uc788\ub294 \uae30\uc5c5\uac00\uce58\uc5d0 \ub300\ud55c \uccad\uc0ac\uc9c4(equity story)\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uac15\ub825\ud55c \ub9c8\ucf00\ud305 \uc790\ub8cc\ub97c \ub9c8\ub828\ud558\uace0 \uc2e4\uc0ac, \uacbd\uc601 \ud68c\uc758 \ubc0f \ud611\uc0c1\uc744 \uc8fc\ub3c4 \uba74\ubc00\ud558\uac8c \uc900\ube44\ud574\uc57c \ud55c\ub2e4.<\/p>\n<p>\uae30\uc5c5\uacb0\ud569 \ub2f9\uc0ac\uc790\ub4e4\uc740 \uc885\uc885 \uc778\uc218 \ubc0f \ud1b5\ud569\uc5d0 \ub300\ubd80\ubd84\uc758 \uad00\uc2ec\uc744 \uae30\uc6b8\uc774\uace0 \uc788\uc9c0\ub9cc, \ud5d0\uac12\ub9e4\uac01\uc73c\ub85c \uc778\ud55c \uac00\uce58\uc190\uc2e4 \uc644\ud654\ub97c \uc704\ud574 \ud22c\uc790\ud55c\ub2e4\uba74 \ub6f0\uc5b4\ub09c \uc218\uc775\uc744 \ucc3d\ucd9c\ud560 \uc218 \uc788\ub2e4. \uc2e4\uc81c\ub85c \uc2dc\ub108\uc9c0 \ud6a8\uacfc\ub97c \ud1b5\ud574 \uaca8\uc6b0 \uc2e4\ud604\ud558\ub294 \uae08\uc561\ubcf4\ub2e4\ub3c4 \ub354 \ub192\uc740 \uc218\uc775\uc774 \ucc3d\ucd9c\ub420 \uc218 \uc788\ub2e4.<\/p>\n<p><strong>\ud5c8\uac00\uac00 \ub0b4\ub824\uc9c0\uae30 \uc804 \uc0ac\uc5c5\uc131\uacfc \ud558\ub77d\uc744 \ubaa8\ub2c8\ud130\ub9c1 \ud558\ub77c.<\/strong> \ub51c \ubc1c\ud45c \uc2dc\uc810\uc5d0\uc11c \ub51c\uc744 \ub9c8\ubb34\ub9ac\ud558\uae30 \uae4c\uc9c0\uc758 \uae30\uac04 \ub3d9\uc548 \uc885\uc885 \uc131\uacfc\uac00 \ud558\ub77d\ud558\ub294 \uacbd\uc6b0\ub97c \ubaa9\uaca9\ud55c\ub2e4. \uc9c0\uc18d\uc801\uc778 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc778\ud574 \ub9ce\uc740 \uc9c1\uc6d0\ub4e4\uc774 \uc9d1\uc911\ub825\uc744 \uc783\uace0 \uc0dd\uc0b0\uc131\uc774 \ud558\ub77d\ud560 \uc218 \uc788\uc73c\uba70, \uc77c\ubd80 \ud575\uc2ec \uc9c1\uc6d0\uc740 \ud68c\uc0ac\ub97c \ub5a0\ub0a0 \uc218\ub3c4 \uc788\ub2e4. \uace0\uac1d\uc774 \ud574\ub2f9 \uc0ac\uc5c5\uc758 \ubbf8\ub798\ub098 \uc778\uc218\uae30\uc5c5\uc5d0 \ub300\ud55c \uc6b0\ub824\uac00 \uc788\uac70\ub098, \uc601\uc5c5 \ud300\uc774 \uc8fc\uc694 \uace0\uac1d\uc744 \uad00\ub9ac\ud558\ub294 \uace0\uc131\uacfc \uc9c1\uc6d0\uc744 \uc783\uac70\ub098, \ub610\ub294 \uacbd\uc7c1\uc5c5\uccb4\uac00 \uace0\uac1d\uc744 \ube7c\uc557\uae30 \uc704\ud574 \ubd88\ud655\uc2e4\uc131\uc744 \uc774\uc6a9\ud558\ub294 \ub4f1, \ub2e4\uc591\ud55c \uc774\uc720\ub85c \uc218\uc694\ub3c4 \uac10\uc18c\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p>EU\uc5d0\uc11c 1\ub2e8\uacc4 \ud5c8\uac00 \uc808\ucc28\ub294 \uacf5\uc2dd\uc801\uc73c\ub85c 25\uc77c ~ 35\uc77c\uc774 \uac78\ub9ac\uc9c0\ub9cc 2\ub2e8\uacc4 \uc808\ucc28\ub294 \ubcf4\ub2e4 \ubcf5\uc7a1\ud55c \uac74\uc744 \ud3c9\uac00\ud574\uc57c \ud560 \uacbd\uc6b0 90\uc77c ~ 125\uc77c\uc774 \uc18c\uc694\ub41c\ub2e4. \ub2f9\uc0ac\uc790\ub4e4\uc740 1\ub2e8\uacc4\uc5d0\uc11c \ud5c8\uac00\ub97c \ud655\ubcf4\ud558\uace0 2\ub2e8\uacc4\uc5d0\uc11c \uc9c0\uc5f0\uc774 \uae38\uc5b4\uc9c0\ub294 \uac83\uc744 \ud53c\ud558\uae30 \uc704\ud574 \uaddc\uc81c\uae30\uad00\uc5d0 \ud5c8\uac00\uc870\uac74\uc744 \uc120\uc81c\uc801\uc73c\ub85c \uc81c\uc548\ud574\uc57c \ud55c\ub2e4.<\/p>\n<p>\ubd80\uc2e4\uc790\uc0b0\uc744 \uc778\uc218\ud558\ub294 \ub51c\uc758 \uacbd\uc6b0, \ud2b9\ud788 \uac00\ub2a5\ud55c \ube68\ub9ac \ub51c\uc744 \ub9c8\ubb34\ub9ac\ud558\ub294 \uac83\uc774 \uc911\uc694\ud558\ub2e4. \ub300\ubd80\ubd84\uc758 \uc9c0\uc5ed\uc5d0\uc11c \uaddc\uc81c\uae30\uad00\uc758 \uc2b9\uc778 \uc5c6\uc774 \ub51c\uc744 \uc885\ub8cc\ud558\ub294 \uac83(\uac74 \uc810\ud551(gun jumping)\uc73c\ub85c \uc54c\ub824\uc9d0)\uc740 \ud5c8\uc6a9\ub418\uc9c0 \uc54a\ub294\ub2e4. \uadf8\ub7ec\ub098 \uc77c\ubd80 \uc9c0\uc5ed\uc5d0\uc11c\ub294 \uc2dc\uac04\uc774 \uc808\ub300\uc801\uc73c\ub85c \uc911\uc694\ud560 \ub54c, \ub2f9\uc0ac\uc790\ub4e4\uc774 \uc815\uc2dd\ud5c8\uac00 \uc804\uc5d0 \ub51c \uc885\ub8cc\uac00 \uc774\ub8e8\uc5b4\uc9c8 \uc218 \uc788\ub3c4\ub85d \uc2b9\uc778\uc744 \uae30\ub2e4\ub824\uc57c \ud558\ub294 \uc758\ubb34\uc758 \uba74\uc81c\ub97c \uc694\uccad\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p>\uae09\uaca9\ud55c \uacbd\uae30\uce68\uccb4\ub97c \uac10\uc548\ud558\uc5ec, \uae30\uc5c5\ub4e4\uc740 \uae30\uc5c5\uacb0\ud569 \uac70\ub798\ub97c \ub9c8\ubb34\ub9ac\ud558\ub294 \ub370 \ud2b9\ud788 \uc624\ub79c \uc2dc\uac04\uc774 \uc18c\uc694\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ud574\uc57c \ud55c\ub2e4. \uc5f0\uad6c\uc5d0 \ub530\ub974\uba74 \ub51c \uc2e4\ud589 \uae30\uac04(\uacc4\uc57d\uccb4\uacb0\uacfc \uc778\uc218\ub9c8\uac10 \uc0ac\uc774\uc758 \uae30\uac04 \ud3ec\ud568)\uc774 \uacbd\uae30 \ud558\ub77d\uae30\uc5d0\ub294 \ud3c9\uade0\uc801\uc73c\ub85c \ub354 \uc624\ub798 \uac78\ub9b0\ub2e4(\ub3c4\ud45c 3 \ucc38\uc870). \ucf54\ub85c\ub09819 \uc704\uae30\ub294 \ubcf4\uac74 \ubb38\uc81c, \uc0ac\ud68c\uc801 \uac70\ub9ac\ub450\uae30 \ubc0f \uc6d0\uaca9 \uadfc\ubb34\uc758 \uc601\ud5a5\uc73c\ub85c \uc778\ud574 \ub51c \uc2e4\ud589\uae30\uac04\uc744 \ub354\uc6b1 \uc5f0\uc7a5\uc2dc\ud0ac \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4.<\/p>\n<p><a href=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1993\" src=\"http:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3.jpg\" alt=\"\" width=\"903\" height=\"567\" title=\"\" srcset=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3.jpg 903w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3-300x188.jpg 300w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3-768x482.jpg 768w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3-696x437.jpg 696w, https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/05\/navigating-merger-clearance-during-the-crisis-3-669x420.jpg 669w\" sizes=\"auto, (max-width: 903px) 100vw, 903px\" \/><\/a><\/p>\n<p>\uac70\ub798\uac00 \uacf5\uac1c\ub418\uace0 \ub9c8\ubb34\ub9ac\ub418\ub294 \uc2dc\uc810\uae4c\uc9c0\uc758 \uae30\uac04\uc774 \uae38\uc5b4\uc9c0\ub294 \uacbd\uc6b0, \ube44\uc988\ub2c8\uc2a4 \ubaa8\uba58\ud140 \uc190\uc2e4\uc744 \uc870\uae30\uc5d0 \uacbd\uace0\ud558\ub294 \ubaa8\ub2c8\ud130\ub9c1 \uc2dc\uc2a4\ud15c\uc744 \uad6c\ucd95\ud558\uace0 \uadfc\ubcf8 \ubb38\uc81c\uc5d0 \ub300\ud55c \uc2e0\uc18d \ub300\uc751\ud300\uc744 \uad6c\uc131\ud558\ub294 \uac83\uc774 \uc911\uc694\ud558\ub2e4. \uc774\ub7ec\ud55c \uac10\uc2dc \ud65c\ub3d9\uc744 \uc704\ud574 \ud55c \uc18c\ube44\uc7ac \ud68c\uc0ac\ub294 KPI\ub97c \ubaa8\ub2c8\ud130\ub9c1\ud558\uae30 \uc704\ud55c \ud604\ud669 \ub300\uc2dc\ubcf4\ub4dc\ub97c \ub9cc\ub4e4\uc5c8\ub2e4. \ub300\uc2dc\ubcf4\ub4dc\uc5d0\ub294 \uac01 \uc2dc\uc7a5 \ucd1d\uad04 \uad00\ub9ac\uc790\uc758 \uc8fc\uac04 \uc5ec\ub860\uc870\uc0ac\ub97c \ud1b5\ud574 \uc218\uc9d1\ub41c \uc815\ubcf4\uac00 \ud45c\uc2dc\ub418\uc5c8\uc73c\uba70, \ud574\ub2f9 \uc815\ubcf4\uc5d0\ub294 \uae30\uc874 \uad00\ub9ac \ud504\ub85c\uc138\uc2a4\uc5d0\uc11c \uc0dd\uc131\ub41c \ub370\uc774\ud130 (\uc608: \uc77c\uc77c \ubc29\ubb38 \ud310\ub9e4 \uc218, \uc778\ub825\uc774\ud0c8 \uac74\uc218 \ubc0f \uc8fc\ubb38\ub7c9\uc758 \ube44\uc815\uc0c1\uc801\uc778 \ubcc0\ud654), \uacbd\uc7c1\uc5c5\uccb4 \ubc0f \ucc44\uc6a9\ud65c\ub3d9\uc5d0 \ub300\ud55c \uc815\ubcf4\uac00 \ud3ec\ud568\ub418\uc5c8\ub2e4.<\/p>\n<p><strong>\uc0ac\uc5c5 \ubd84\ud560\ub9e4\uac01\uc758 \ube44\uc6a9\uc744 \uace0\ub824\ud558\ub77c.<\/strong> \uad00\ud560\ubc95 \uc0c1 \uc9c0\uc5ed\uc5d0 \ub530\ub77c \ub2e4\uc591\ud55c \uc720\ud615\uc758 \ubd84\ud560\ub9e4\uac01 \ud5c8\uac00\uc870\uac74\uc774 \uc874\uc7ac\ud55c\ub2e4. \uc77c\ubc18\uc801\uc73c\ub85c \ub9e4\uc218\uc790\ub294 \uc9c0\uc815\ub41c \uae30\uac04 \ub0b4\uc5d0 \ud574\ub2f9 \ube44\uc988\ub2c8\uc2a4\ub97c \ub9e4\uac01\ud558\ub294 \uc870\uac74\uc73c\ub85c \uac70\ub798\uc5d0 \ub300\ud55c \uc870\uac74\ubd80 \uc2b9\uc778\uc744 \ub4dd\ud560 \uc218 \uc788\ub2e4. \ub610\ub294 \uaddc\uc81c\ub2f9\uad6d\uc774 \ubd84\ud560\ub9e4\uac01\uc5d0 \ub300\ud55c \uc778\uc218\uae30\uc5c5\uc744 \uba3c\uc800 \ucc3e\ub294(fix-it-first) \uc870\uac74\uc744 \uc694\uad6c\ud560 \uc218 \uc788\ub2e4. \uc774 \uacbd\uc6b0, \ub2f9\uc0ac\uc790\ub4e4\uc740 \uae30\ubcf8\uc801\uc73c\ub85c \uc0ac\uc5c5 \ub9e4\uc218\uc790\ub97c \ucc3e\uc544 \ud574\ub2f9\uc0ac\uc5c5\uc744 \ucc98\ubd84\ud558\uae30 \uc704\ud55c \ubc95\uc801\uc73c\ub85c \uad6c\uc18d\ub825\uc774 \uc788\ub294 \uacc4\uc57d\uc744 \uccb4\uacb0\ud574\uc57c \ud55c\ub2e4. \uc774\uac83\uc774 \uc8fc \uc778\uc218\uacc4\uc57d\uc5d0 \ub300\ud55c \uaddc\uc81c\uae30\uad00\uc758 \uc2b9\uc778\uc5d0 \ub300\ud55c \uc870\uac74\uc774\ub2e4.<\/p>\n<p>\ud2b9\uc815 \ud5c8\uac00\uc870\uac74\uc5d0 \uad00\uacc4\uc5c6\uc774, \ub2f9\uc0ac\uc790\ub4e4\uc740 \uc77c\ubc18\uc801\uc73c\ub85c \uc8fc \uac70\ub798\uac00 \uc885\uacb0\ub41c \ud6c4 \ubd84\ud560\ub9e4\uac01\uc774 \ubc1c\uc0dd\ud558\ub294 \uacbd\uc6b0, \ub9e4\uac01\ud558\uac8c \ub420 \uc0ac\uc5c5\uc744 \ubd84\ub9ac(\ub9c1\ud39c\uc2f1(ring-fence))\ud574\uc57c \ud55c\ub2e4. EU\uc5d0\uc11c\ub294 \uc774\ub97c \ubd84\ub9ac\uc9c0\uc18d(hold separate) \ubc29\uc2dd\uc73c\ub85c \ubd80\ub978\ub2e4. \ubd84\ud560\ub9e4\uac01 \ub300\uc0c1 \uc0ac\uc5c5\uc740 \uacbd\uc7c1\uad00\uacc4\uc5d0 \uc788\ub294 \uc0ac\uc5c5 \uac04 \uc815\ubcf4 \ud750\ub984\uc744 \uc81c\ud55c\ud558\uace0 \ub3c5\ub9bd\uc801\uc778 \uac70\ubc84\ub10c\uc2a4\ub97c \uc801\uc6a9\ud568\uc73c\ub85c\uc368, \ub0a8\uaca8\uc9c0\ub294 \uc0ac\uc5c5\uacfc \ubd84\ub9ac\ub418\uc5b4\uc57c \ud55c\ub2e4. \ub2f9\uc0ac\uc790\ub4e4\uc740 \ub610\ud55c \ubd84\ub9ac\ub41c \uc0ac\uc5c5\uc744 \ub2e4\ub974\uac8c \ucde8\uae09\ud558\uac70\ub098, \ubd84\ub9ac\ub41c \uc0ac\uc5c5\uc774 \ub2e4\ub974\uac8c \uc6b4\uc601\ub418\uc9c0 \uc54a\ub3c4\ub85d \ud558\uc5ec \ubd84\ub9ac \uae30\uac04 \ub3d9\uc548 \ud574\ub2f9 \uc0ac\uc5c5\uc758 \uacbd\uc7c1\uc785\uc9c0\uac00 \ubd80\uc815\uc801\uc73c\ub85c \uc601\ud5a5\ubc1b\uc9c0 \uc54a\ub3c4\ub85d \ud574\uc57c \ud55c\ub2e4. \ucf54\ub85c\ub09819 \uc704\uae30 \ub3d9\uc548 \ud5c8\uac00\uc870\uac74\uc778 \ubd84\ud560\ub9e4\uac01 \uc2e4\ud589 \ubc0f \uc885\uacb0\uc5d0 \ub354 \uc624\ub79c \uc2dc\uac04\uc774 \uac78\ub9b0\ub2e4\uba74, \ub9c1\ud39c\uc2f1 \uae30\uac04\ub3c4 \uc7a5\uae30\ud654\ub418\uc5b4 \ud2b9\uc815 \uc2dc\ub108\uc9c0\uac00 \uc2e4\ud604\ub420 \uc218 \uc5c6\ub294 \uae30\uac04\uc774 \uae38\uc5b4\uc9c8 \uac83\uc774\ub2e4.<\/p>\n<p>\ub9c1\ud39c\uc2f1 \uc870\uce58\ub294 \ubcc4\ub3c4\uc758 \uc601\uc5c5 \ud300\uc744 \uc720\uc9c0\ud558\uace0, \uac00\uaca9 \ub4f1\uc758 \ubbfc\uac10\ud55c \ub370\uc774\ud130\uac00 \ud3ec\ud568\ub41c \ubcf4\uace0\uc11c\uc758 \ubc30\ud3ec\ub97c \uc81c\ud55c\ud558\ub294 \ub4f1 \uc870\uc9c1\uc801 \ubcc0\ud654\ub97c \uc694\uad6c\ud560 \uc218\ub3c4 \uc788\ub2e4. \ub610\ud55c \uaddc\uc81c\uae30\uad00\uc740 \ubbfc\uac10\ud55c \ub370\uc774\ud130\uc5d0 \ub300\ud55c \uc561\uc138\uc2a4\ub97c \ubc29\uc9c0\ud558\uae30 \uc704\ud574 \uc2dc\uc2a4\ud15c \ubcc0\uacbd \ub4f1\uc758 \ubcf4\ub2e4 \ub9ce\uc740 \ube44\uc6a9\uc774 \uc18c\ubaa8\ub418\ub294 \uae30\uc220\uc870\uce58\ub97c \uc694\uad6c\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p>\ub9c1\ud39c\uc2f1\uc744 \uc801\uc6a9\ud558\uace0 \uc720\uc9c0\ud558\ub294 \ube44\uc6a9 \uc678\uc5d0\ub3c4, \uc0ac\uc5c5\ubd84\ub9ac\ub294 \ud574\ub2f9 \uae30\uc5c5\ub4e4\uc758 \uc6b4\uc601 \ud1b5\ud569 \ub178\ub825\uc744 \ubc29\ud574\ud558\uc5ec \uc8fc \uac70\ub798\uc5d0\uc11c \uc2dc\ub108\uc9c0 \ud6a8\uacfc\ub97c \uc2e4\ud604\ud560 \uc218 \uc788\ub294 \uc18d\ub3c4\ub97c \ub2a6\ucd9c \uc218 \uc788\ub2e4. \ub530\ub77c\uc11c \uae30\uc5c5\ub4e4\uc774 \ub9c1\ud39c\uc2f1\uc758 \uacfc\ub3c4\ud55c \uc601\ud5a5\uc744 \ud53c\ud558\ub294 \uac83\uc774 \ud2b9\ud788 \uc911\uc694\ud558\ub2e4. \uaddc\uc81c\uae30\uad00\uc740 \uc0ac\uc5c5\ubd84\ub9ac\ub97c \uc704\ud55c \uc2e4\uc6a9\uc801\uc778 \uc194\ub8e8\uc158\uc5d0 \uac1c\ubc29\uc801\uc778 \uacbd\uc6b0\uac00 \ub9ce\uc9c0\ub9cc, \uc0ac\uc5c5\ubd84\ub9ac\ub97c \uc704\ud574\uc11c \ud574\ub2f9 \uae30\uc5c5\ub4e4\uc740 \uc2e0\uc911\ud55c \uc811\uadfc\ubc95\uc744 \ub9c8\ub828\ud558\uc5ec \uc774\ub97c \uba85\ud655\ud558\uac8c \uaddc\uc81c\uae30\uad00\uc5d0 \ucee4\ubba4\ub2c8\ucf00\uc774\uc158 \ud574\uc57c \ud55c\ub2e4.<\/p>\n<h3><strong>\ud544\uc694\uacfc\uc81c \uc694\uc57d<\/strong><\/h3>\n<p>\ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uacfc \uc0c1\uae30 \uc5b8\uae09\ub41c \uc870\uce58\ub97c \uace0\ub824\ud560 \ub54c, \ub9e4\uc218\uc790\ub294 \ub2e4\uc74c \ubc29\uc548\uc744 \ud65c\uc6a9\ud558\uc5ec \uc900\ube44\uc791\uc5c5\uc5d0 \ucc38\uc870\ud558\uace0 \uc5ed\ub7c9 \uac1c\uc120 \uae30\ud68c\ub97c \ud30c\uc545\ud560 \uc218 \uc788\ub2e4.<\/p>\n<ul>\n<li>\ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00 \ud504\ub85c\uc138\uc2a4\uc5d0 \ubbf8\uce60 \uc601\ud5a5\uc744 \uc774\ud574\ud558\uae30 \uc704\ud574 \uaddc\uc81c\uae30\uad00\uacfc \uc870\uae30\uc5d0 \uc0c1\uc138\ud55c \ub17c\uc758\ub97c \uc9c4\ud589\ud558\ub77c.<\/li>\n<li>\uac70\ub798 \ud655\uc2e4\uc131\uc5d0 \ub300\ud55c \ub9e4\uac01 \uae30\uc5c5\uc758 \uc6b0\ub824\ub97c \uc608\uc0c1\ud558\uace0, \ubd88\ud655\uc2e4\uc131\uc744 \uc57c\uae30\ud558\ub294 \uc0ac\uc5c5\uacfc \uad00\ub828\ud574 \uc778\uc218\uc790\uc640 \uc801\uadf9\uc801\uc73c\ub85c \ud611\ub825\ud558\ub294 \ub4f1 \uba85\ud655\ud558\uace0 \uc2e0\ub8b0\ud560 \ub9cc\ud55c \uc194\ub8e8\uc158\uc744 \uad6c\ucd95\ud558\ub77c.<\/li>\n<li>\uac00\uc7a5 \ud655\ub960\uc774 \ub192\uc740 \ud5c8\uac00\uc870\uac74 \uc2dc\ub098\ub9ac\uc624\uc640 \uad00\ub828\ub41c \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uc640 \ube44\uc6a9\uc744 \ubaa8\ub378\ub9c1\ud558\uc5ec \uaddc\uc81c \uc804\ub7b5\uc5d0 \ud65c\uc6a9\ud558\ub77c.<\/li>\n<li>\ud5c8\uac00\uc870\uac74\uc778 \ubd84\ud560\ub9e4\uac01\uc744 \uc608\uc0c1\ud558\uace0 \ud5d0\uac12\ub9e4\uac01\uc774 \uc77c\uc5b4\ub098\ub294 \uacbd\uc6b0 \uc804\uccb4\uc801\uc778 \uac00\uce58\ucc3d\ucd9c\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \ucd94\uc815\ud558\ub77c. \uadf8\uc5d0 \uae30\ubc18\ud558\uc5ec, \uc5ec\ub290 \uc8fc\uc694 \uc0ac\uc5c5\ubd84\ud560\uc744 \ub2e4\ub8f0 \ub54c\uc640 \ub9c8\ucc2c\uac00\uc9c0\ub85c \ucca0\uc800\ud558\uac8c \uc900\ube44\ud558\ub77c.<\/li>\n<li>\ub51c \ubc1c\ud45c\uc640 \ub51c\uc758 \uc644\ub8cc\uc2dc\uc810 \uc0ac\uc774\uc5d0 \ube44\uc988\ub2c8\uc2a4 \ubaa8\uba58\ud140\uc774 \uc190\uc2e4\ub418\ub294 \uac83\uc744 \ud0d0\uc9c0\ud558\uae30 \uc704\ud574 \uc870\uae30\uacbd\ubcf4 \uc2dc\uc2a4\ud15c\uc744 \uad6c\ud604\ud558\uace0, \uc774\ub4e4 \ubb38\uc81c\ub97c \ud574\uacb0\ud560 \uc804\ub2f4\ud300\uc744 \uad6c\uc131\ud558\ub77c.<\/li>\n<li>\ub9c1\ud39c\uc2f1 \uc694\uac74\uacfc \uad00\ub828 \ube44\uc6a9, \uc2dc\ub108\uc9c0\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \uc608\uce21\ud558\ub77c. \uc0ac\uc5c5\ubd84\ub9ac\ub97c \uc720\uc9c0\ud558\uae30 \uc704\ud558\uc5ec \ubd88\ud544\uc694\ud55c \ube44\uc6a9\uc740 \uc81c\ud55c\ud558\uba74\uc11c \uc2e4\uc6a9\uc801\uc778 \uc194\ub8e8\uc158\uc744 \uc900\ube44\ud558\ub77c.<\/li>\n<li>\ubb34\uc5c7\ubcf4\ub2e4 \uc911\uc694\ud55c \uac83\uc740, \uc774\ub7ec\ud55c \ubaa8\ub4e0 \ubb38\uc81c\uc758 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc774\ud574\ud558\ub77c. \ub51c\uc758 \uacbd\uc81c\uc131\uc774 \uc190\uc2e4\ub418\ub294 \uc2dc\uc810\uc744 \ud30c\uc545\ud558\uace0, \uac70\ub798\ub97c \ucca0\ud68c\ud560 \uc900\ube44\ub97c \ud558\ub77c.<\/li>\n<\/ul>\n<hr \/>\n<p>\uc804\ub840 \uc5c6\ub294 \ubd88\ud655\uc2e4\uc131 \uc18d\uc5d0\uc11c \ucf54\ub85c\ub09819 \uc704\uae30\ub85c \uc778\ud574 \uae30\uc5c5\uacb0\ud569 \ud5c8\uac00\uc5d0 \ub300\ud574 \ucd94\uac00 \uace0\ub824\uc0ac\ud56d\ub4e4\uc774 \ubc1c\uc0dd\ud558\uace0 \ud6a8\uacfc\uc801\uc73c\ub85c \ud504\ub85c\uc138\uc2a4\ub97c \ud0d0\uc0c9\ud558\ub294 \uac83\uc774 \ub354 \uc911\uc694\ud574\uc9c4 \uac83\uc740 \ubd84\uba85\ud558\ub2e4. \ub51c\uc744 \ucd94\uc9c4\ud558\ub294 \uae30\uc5c5\ub4e4\uc774 \uc2dc\uc0ac\uc810\uc744 \uc774\ud574\ud558\uace0 \uc801\uadf9\uc801\uc73c\ub85c \ub300\uc751\ud55c\ub2e4\uba74, M&amp;A\ub97c \ub3c4\uad6c\ub85c \uc774\uc6a9\ud558\uc5ec \uc704\uae30\ub97c \ud5e4\uce58\uace0 \uc5c5\uacc4\uc758 \uc120\ub450\ub85c \ubd80\uc0c1\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p><a href=\"https:\/\/www.bcg.com\/publications\/2020\/navigating-merger-clearance-during-covid-19-crisis.aspx\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38(\uc601\uc5b4) \ubcf4\ub7ec\uac00\uae30<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uae30\uc5c5\uacb0\ud569 \ub51c\uc744 \ucd94\uc9c4\ud558\ub294 \ub2f9\uc0ac\uc790\ub4e4\uc740 \ucf54\ub85c\ub09819 \uc704\uae30\uac00 \uaddc\uc81c \ubcf5\uc7a1\uc131\uc744 \uc99d\uac00\uc2dc\ud0ac \uac83\uc744 \uc608\uc0c1\ud574\uc57c \ud55c\ub2e4. \uc774\ub4e4\uc740 \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ud5c8\uac00 \uc808\ucc28\uac00 \ub354 \ub290\ub824\uc9c8 \uac83\uc5d0 \ub300\ud574 \uc900\ube44\ud574\uc57c \ud558\uba70, \uc7a5\uae30\uc801\uc73c\ub85c\ub294 \uc778\uc218\ud569\ubcd1 \ub51c\uc5d0 \ub300\ud574 \uaddc\uc81c\uae30\uad00\uc758 \uac10\uc2dc\uac00 \ud655\ub300\ub420 \uac83\uc5d0 \ub300\ube44\ud574\uc57c \ud55c\ub2e4.<\/p>\n","protected":false},"author":1,"featured_media":1995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-1990","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry"},"_links":{"self":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts\/1990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/comments?post=1990"}],"version-history":[{"count":0,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts\/1990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/media\/1995"}],"wp:attachment":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/media?parent=1990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/categories?post=1990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/tags?post=1990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}