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(Having spent years fattening up its leading companies,South Korea is now forcing the ten lagest chaebols to slim down.The ten largest chacbols were allowed to name three sectors each,the next 20 to name two sectors.They have done so now.Firms which play by the new rules will continue to receive preferential state-backed financing.Those,which flout the rules,will not. The government claims it has three clear aims:to encourage competition and foster small businesses;to wrest power from the old industrial dynasties and hand it over 10 professional manager;and,above all, to stem the“octopus-like growth" of the chaebols into unrelated areas. The chaebols’ spectacular diversification, often driven by dynastic feud as much as commercial sense,has chewed up funds for long-term research and development.Worse,these buying sprees were usually funded by debt-borrowed partly on the assumption that government would not let the conglomerates go bankrupt.The debts of the average chaebol are 3 times as its equity.):How do you explain the expression“octopus-like growth"?
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