RR 46
[046] Hunting Season Begins 2.
Chairman Jin held up a document in his hand and shook it.
“Is this the exact figure? 2.37 trillion won?”
The Hando Steel acquisition team, gathered in the head office conference room, briefly looked at each other and then nodded.
“It’s accurate.”
As Vice Chairman Jin Young-gi answered on behalf of the team, Chairman Jin reconfirmed the number and then spoke.
“If Hando Steel is worth this much, Daehyun Group will definitely bid this amount. And since Daehyun already has accumulated expertise in steel, it’s obvious they’ll get a better score than us. So how much should we write down?”
No one dared to speak carelessly. The bid amount was proportional to the chairman’s determination to acquire Hando Steel. They knew his will was strong, but they couldn’t translate it into a numerical value.
It was clearly difficult for the chairman himself to quantify, so how could they answer?
However, there was one person who couldn’t avoid answering due to Chairman Jin’s gaze.
“Director Jin Young-jun. What do you think?”
“1.8 trillion won.”
He answered without a moment’s hesitation, and Chairman Jin seemed a little surprised.
“Why?”
“Because this is the maximum amount that Sunyang can currently offer.”
“Then Daehyun will clearly win, won’t they?”
“We can’t acquire it by taking on debt. Hando Steel’s value and our financial capacity are precise. It shouldn’t turn into a money fight.”
“It’s an open bid, what else can we fight with besides money?”
“I’d like to emphasize that our Sunyang is the company that will generate the most synergy effects when Hando Steel is acquired. Daehyun already has its own steel production, so the effect would be minimal for them.”
He spoke quite plausibly. And words must be accompanied by responsibility.
“Then when we acquire it, make a report on the synergy effect Director Jin mentioned. Make it excellent enough to impress the review committee. I’ll give you a week.”
“…Yes.”
It was a hesitant answer, but not an empty one. He seemed to be able to do his part now that he was over thirty.
The chairman turned his head towards someone else.
“What else? Is 1.8 trillion won all? Any other opinions?”
“2.5 trillion won.”
Hong Song-cheol, the head of Sunyang Construction, casually tossed out the number. Everyone’s gaze turned to him, and Chairman Jin also showed curiosity.
“Basis?”
“In the eyes of the creditors, there’s no difference between Daehyun and Sunyang. The government will also accept whoever acquires it. I believe it’s unavoidable to bid a higher amount to avoid any issues of fairness.”
Vice Chairman Jin Young-gi and Jin Young-jun’s faces flushed.
Mr. Hong easily dismissed the content they had painstakingly prepared as ‘ineffective.’
“Where will we get the extra money from?”
“Sunyang Construction has secured an apartment site. We can get a 700 billion won loan with that land as collateral for now.”
Half of the dangerous bridge was crossed. Because preparing the money was possible.
“Then how will you repay the 700 billion won loan? You can’t build and sell apartments on land that’s already heavily mortgaged.”
“Construction will handle that cleanly, Chairman. Don’t worry.”
Chairman Jin’s lips curled slightly upward.
It was the most desirable answer.
Solve the immediate problem and skip the process. Even if there were illegal or illicit activities, only he would take responsibility, and the chairman would not be implicated.
The chairman wouldn’t even need to lie that he knew nothing about it. Because it would be true.
Reliable, indeed.
“Director Hong seems to have a considerable amount of money stashed away without my knowledge. Seeing him speak so confidently, when 700 billion won isn’t some small change. Haha.”
The conference room erupted in laughter, excluding the two people.
The father (Jin Young-gi) and son (Jin Young-jun) simply couldn’t laugh.
Director Hong Song-cheol had confirmed once again that he had no intention of siding with the Vice Chairman.
.
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Chairman Jin’s Strategy Unveiled
“As expected, Daehyun is thinking 2.3 trillion won.”
“Typical Daehyun. He’s not one to play tricks. Chairman Joo is…”
Chairman Jin and Lee Hak-jae were in the study, reviewing the letter of intent for the acquisition.
“But Chairman, are you really considering investing 2.5 trillion won?”
“Why? Are you reluctant?”
“The group’s fund management will creak for a while.”
“Don’t scare me too much. I have a plan.”
Lee Hak-jae’s expression remained unbrightened, as if Chairman Jin’s relaxed demeanor was unsettling.
“So, what do you think, our Do-jun? Is there really no other way besides money?”
I couldn’t satisfy the expectation in my grandfather’s eyes as he looked at me. Who would know his cunning inner thoughts?
“Can you give me a hint? I really don’t know.”
As I spoke what Director Lee Hak-jae wanted to say, Grandfather looked back and forth between the two of us and smiled.
“If you sell a tree, a person wants to sell it to someone who will nurture it well, not to someone who will chop it down for firewood. That’s human nature.”
Both Lee Hak-jae and my eyes widened.
“Chairman. Do you think Daehyun will resell Hando Steel?”
“What does it matter what Daehyun’s Chairman Joo thinks? Only the person growing and selling the trees needs to think that way. Don’t you agree?”
“Ah ha.”
Only then could Lee Hak-jae understand Chairman Jin’s plan. This was the reason he had been told to arrange a meal with the review committee.
“Do-jun. Is that enough of a hint?”
“Yes. If Daehyun acquires it, they’ll build apartments on Hando Steel’s land and sell the steel mill equipment abroad. Hando Steel will disappear without a trace. But our Sunyang, entering the steel industry for the first time, will do its best to normalize Hando Steel. Isn’t that it?”
“That’s right. This, I gave too many hints.”
Will this method actually work?
Daehyun also had powerful connections. Even if their purpose was to resell, there would be plenty of people to support them.
“Then how much acquisition money are you thinking of, Grandfather?”
“Me? 1 trillion won plus $1 billion. I don’t have any more money to spend even if I wanted to. Haha.”
“Ch-Chairman. The difference is too big. 500 billion won…!”
Lee Hak-jae turned pale, but Grandfather didn’t lose his composure.
“Just scatter the bait well. I’ll do the fishing.”
The best tool to widely spread bait was the media. Newspapers and broadcasts would clamor about how the steel industry, the ‘rice of industry,’ must be saved, pressuring the review committee.
But…
Oh, my stingy old man. A 500 billion won difference is a bit risky…
Seeing my stiff face, Grandfather chuckled slightly.
“Do-jun. Open your eyes wide and watch carefully how this old man does it. Also, observe how I make use of the government officials I’ve cultivated over the past few decades.”
I couldn’t just watch. Sunyang Group absolutely had to win. So, I had to break open the belly of the piggy bank I had saved. It would be even better to take on debt recklessly.
Because when cash liquidity was at rock bottom, the tsunami of the foreign exchange crisis would make my dollars shine even brighter.
“Do-jun, you may go now. Is your entrance ceremony tomorrow?”
“Ah, yes.”
“I’ve called the president and dean. Occasionally go to school and buy a drink for promising students. Make sure they’ll help you in times of crisis.”
“Yes, Grandfather.”
“Oh, by the way, there’s a guy waiting outside to run errands for you. I picked a smart one, so he should be useful.”
Already? I was a little surprised, but I had to accept it naturally. I would need many people to act as my hands and feet in the future.
“Thank you, Grandfather.”
As I left the study, a young man bowed his head and politely handed me his business card.
“Kim Yoon-suk, Assistant Manager of Group Strategy Office. Please take care of me.”
“Yes. Hello. How many years have you been working?”
“Yes? Oh, it’s my fourth year.”
If he had endured for four years, he had endured quite a bit. Either he had strong patience or he lived without much thought, one of the two… Since Grandfather carefully chose him, the former was more likely.
“Are you going home?”
Assistant Manager Kim ran to the mid-sized car parked at the entrance and opened the back door.
I hesitated for a moment but just got into the back seat.
I didn’t know whose person Kim Yoon-suk was yet. It was time to act naturally. For now.
“Assistant Manager Kim.”
“Yes.”
When the car entered the city, I spoke first.
“Who assigned you? Was it the Vice Chairman?”
“No. It was Director Lee Hak-jae.”
Director Lee, huh…
“To whom do you submit reports? The strategy team leader? Or…”
He glanced at me through the rearview mirror, seemingly a bit surprised by my question.
“You’re going to report my every move, aren’t you? It’s all known fact, why are you so surprised?”
“So-sorry. It’s the first time I’ve been asked such a question…”
“Who were you in charge of before?”
“I was in charge of the Yeongbingwan. This is my first time serving a family member of the chairman.”
Assistant Manager Kim, who had been subtly watching me in the rearview mirror, cautiously spoke.
“Director Lee said to report directly to him. Is there anything I should be careful about?”
He was quick-witted. He would report everything without missing a single detail anyway, but that one question made me let my guard down.
“No. Just report the facts. It’s your job, Assistant Manager Kim, but Director Lee is your superior, so you should follow his words.”
He glanced at my face again, as if surprised by my answer. His choice would reveal what kind of man he was.
When we arrived home, I gave him my phone number and said.
“I’ll be using public transportation for school, so you don’t need to come every day. I’ll contact you if I need anything.”
I pretended not to see the flustered Assistant Manager Kim and went inside the house. I still needed to keep my distance for now.
.
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A New Ally and the Game of Influence
“Uncle. Should we also jump into the Hando Steel acquisition battle?”
“Don’t even think about it. That’s not our playground.”
Oh Se-hyun didn’t even look at me, as if it wasn’t worth discussing.
“Don’t cut it so sharply. I’m not finished speaking yet.”
“Are you going to acquire it and manage it? No. We have to tear it apart and sell it anyway, and there’s no time. The bidding will start soon, and it’ll take a year just to find buyers. And there’s no guarantee we’ll even be able to resell it.”
“Everything you say is right, Uncle. My point is, should we make the acquisition battle a bit more heated?”
Only then did he meet my eyes and take off his glasses.
“What’s your scheme now? Isn’t it already a two-horse race between Sunyang and Daehyun?”
“I want to help Grandfather a bit. I really want Sunyang to acquire Hando Steel.”
Oh Se-hyun exhaled briefly and shrugged.
“Since the shareholder wants it, this salaried manager has no choice but to comply. What do you want to do?”
“First, we’ll submit a letter of intent to acquire and let people know what a corporate raider is. Make them think that breaking up a company and selling it to foreigners is an act of treason.”
“And that benefits Sunyang Group?”
“Yes. It’s Grandfather’s strategy.”
“Acquisition amount?”
“2.5 trillion won.”
“That’ll probably be the highest bid?”
He wasn’t surprised, knowing that I had no intention of actually acquiring it anyway.
“Just in case, I’ll set a condition of full debt write-off. That way, there’s no chance we’ll accidentally become the acquirer. If it goes wrong, all your money will be stuck here. Heh heh.”
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“『Miracle Investment, a U.S.-based investment firm, has jumped into the Hando Steel acquisition battle. They are showing strong confidence, even revealing an acquisition amount of 2.5 trillion won. Let’s hear from Oh Se-hyun, CEO of Miracle Investment.』”
“…Countless companies emerge and disappear. Hando Steel is just one of them. We have no eternal obligation to protect it. We have accurately assessed Hando Steel’s value and are confident in our acquisition.”
“If you are selected as the acquirer, what do you plan to do with Hando Steel?”
“We are investors, not managers. We will hand over the steel mill to a company that wants it, and we will resell the land owned by the company to a construction company.”
“That sounds like you’re talking about speculative capital?”
“The term ‘speculation’ is uncomfortable. The important thing is that the banks, as Hando Steel’s creditors, must select the highest bidder. They need to reduce non-performing loans. Isn’t this a stage where even banks can be at risk?”
Chairman Jin, watching TV, threw the remote control and shouted.
“Catch that bastard immediately. How dare he try to put his spoon in the meal I’ve prepared!”
Director Lee Hak-jae hurriedly rushed to Yeouido.
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