End of the Century’s Last Struggle 6
“Did you catch the news?”
“Yeah, about the Woosung Group, right?”
“Exactly. The main creditors reached out. They want to know if we’re interested in acquiring anything…”
I was still figuring out how to broach the subject with Oh Se-hyun when this came up first. Could it be?
“No, they want us to pick from their subsidiaries. The only ones with the financial capacity right now are foreign investment firms.”
“What’s the industry buzz? Are there any subsidiaries worth considering? I heard they’re all a mess due to accounting fraud and whatnot.”
Feigning ignorance, I started with a negative opinion, and Oh Se-hyun nodded in agreement.
“The disclosed debt alone is 3 trillion won. It means all their subsidiaries are drowning in debt. There’s nothing worth acquiring.”
“Not a single one?”
“I heard Woosung Shipbuilding has a significant number of orders already. It’s probably the best of the lot…”
“Uncle, did the creditors offer any sweet deals?”
“How did you know? You’re like a mind reader.”
Seeing Oh Se-hyun’s surprise, I couldn’t help but admire my grandfather’s meticulous planning.
He had already given the creditors a heads-up and was steering things in our direction.
“They promised to write off the debt. They said if we’re interested, we should meet and negotiate. They assured us we wouldn’t lose out, so we should approach it lightly.”
“That’s right. We won’t lose out.”
“Something’s up.”
Realizing it was already a done deal, Oh Se-hyun sighed briefly and looked at me.
“Actually…”
I recounted the conversation I had with my grandfather, and Oh Se-hyun caught on.
“He’s using the contract with your aunt as leverage? Wow, he’s a scary man.”
“I’m not sure if there’s a deeper meaning, but for now, we need to step up and take the lead.”
“Isn’t it just an empty threat? Should we test the waters?”
“My grandfather didn’t say anything even after seeing the contract. He knows that if push comes to shove, the department store group will fall into our hands. Nothing will happen if we push back.”
“But throwing the contract out there is a complete threat.”
It is a threat. To take over the department store group, the first thing that needs to happen is for my grandfather to transfer all his shares to Sunyang Distribution and hand them over to my aunt.
If this share transfer doesn’t happen, Miracle would have lent 400 billion won without collateral and undertaken a massive supermarket construction project on a deferred payment basis, essentially making a foolish move.
But this is just a mild threat.
“My grandfather is asking for a favor in his own way. It’s also his way of turning a blind eye to us taking over the department store group. Since we’ve received something, we should return the favor.”
“It’s not us, it’s you. Let’s get that straight.”
“Then I’ll rephrase. I’ll take the department store. Uncle, you can acquire Woosung Construction and make a huge profit when you sell it to Sunyang Group.”
“Are you giving me all that profit?”
I knew he was joking, but I answered seriously.
“Of course. Take it all as a special bonus for the CEO.”
He would know from my expression that I’m not joking. Oh Se-hyun’s mouth was already agape.
When was it that Oh Se-hyun declared he’d retire in just five years? To wrap up this deal, he’d have to push back his retirement.
It’s worth spending money to keep Oh Se-hyun around a little longer.
“Alright, enough with the sentiment. We have more urgent matters to handle. The New Data Technology IPO is less than a week away, right?”
“Oh, that… Yes, we’re all set. The players are ready. We’ll start buying gradually from the first day of trading. Within ten days, we’ll have as many shares as our funds allow.”
“When will the speculators come in?”
“They won’t come in at first. The stock price will rise on its own due to the IPO hype. Even if they come in early, it’ll be three weeks later. We’ll secure the shares before then and just decide on the selling point.”
Oh Se-hyun spoke softly, watching my expression. The look of surprise had vanished.
“Are you really going to leave the acquisition to me?”
“Yes. We have to negotiate with my second uncle anyway. The heavy industry sector is his domain. Isn’t he a tricky opponent?”
“Hmm…”
Avoiding his probing gaze, I stood up.
“I’m off to see my grandfather. I need to tell him we’re proceeding with the Woosung acquisition.”
“Hey! Where are you going? I’m not done talking.”
Leaving Oh Se-hyun shouting behind, I hurried out of the office.
“Why? Don’t you like it? Not interested?”
“No, it’s just unexpected.”
“Unexpected? Isn’t it natural to snatch up a good deal when it comes along?”
Jin Dong-ki had rushed over at the call of his father, Chairman Jin. Hearing that he should take over Woosung Shipbuilding filled him with joy.
He confirmed that he was being entrusted with the heavy industry and construction sectors and that the succession process was underway. This wasn’t just a test or a probe.
But the promise to double the shipbuilding business was surprising. It could be interpreted as a sign of trust in him.
“But father, if we acquire Woosung Shipbuilding in our current situation, it might cast doubt on the sincerity of our restructuring efforts.”
Under the guise of restructuring, the succession process was underway. They planned to crush the troublesome labor union during this opportunity. With the entire group struggling, layoffs were inevitable, and there was social consensus on that.
They couldn’t afford to blow this perfect chance by acquiring Woosung Shipbuilding. It would be absurd to claim the group was struggling while proceeding with an acquisition that required massive funds.
“That’s why we’ll use a proxy. Once the dust settles, we’ll take it back.”
Jin Dong-ki suddenly thought of someone.
“Is that proxy Miracle, by any chance?”
“You know it well. The only ones who can move that kind of money right now are foreign investment firms. Miracle has close ties with us, so wouldn’t it be suitable?”
He really wanted to ask and confirm what those close ties were.
But he knew that asking rashly would only earn him a scolding.
“Did they agree to cooperate?”
“Yes. Acquiring a good company cheaply and selling it at a high price a few years later is Oh Se-hyun’s specialty, isn’t it? He can’t refuse. I’ll actively assist with the acquisition.”
“Then I’ll meet with Oh Se-hyun. Since it’s just a name-borrowing deal, I’ll handle the acquisition directly.”
“He won’t be easy to deal with.”
“Sorry?”
“I mean Oh Se-hyun. He’s not the type to just say thank you and let’s do well.”
“What do you mean…?”
Jin Dong-ki understood perfectly well what his father meant.
But this was the perfect opportunity to confirm those close ties, so he pretended not to understand and watched his father’s reaction.
“He agreed to be a proxy, not an errand boy. Sometimes proxies hit home runs at the plate, don’t they? He’s not someone who’ll just follow your lead.”
“Are you saying that after acquiring Woosung Shipbuilding, he might not hand it over easily if he smells money?”
“Exactly.”
Jin Dong-ki bit his lip to hide his surprise. Had he misunderstood? Wasn’t Miracle his father’s company?
If it were his father’s hidden company, they’d be content with just running errands, not aiming for a home run. In that case, there was only one answer he could give.
“I’ll handle it well to ensure there are no issues and that Oh Se-hyun doesn’t get any funny ideas.”
“Can I trust you? Woosung Shipbuilding is essential for leading the LNG ship market. We can’t afford to lose it.”
“Yes. Don’t worry too much. I’ll make sure there are no hitches.”
Chairman Jin watched his confident second son with a gentle smile.
“Dong-ki, you may have your grievances, but remember that this is the best course of action.”
Jin Dong-ki knew what this meant.
“There will be opportunities in the future. If you seize those opportunities and grow the company, it will eventually be as big as Sunyang Group is now. I believe you and your brother can double what you have.”
Though his father spoke warmly, Jin Dong-ki only half-believed him.
Whenever comforting or soothing words came out, there was always something hidden. It wasn’t the first time he’d experienced this. He knew his father would never change, no matter how old he got.
But he also knew he had to give the answer his father wanted.
“Yes. I’ll live up to your expectations.”
Jin Dong-ki bowed his head and left the study.
“Ah, it’s tough. Trying to coax and work with grown sons is exhausting.”
“Please take care of this, Mr. Oh. You know how important this matter is to Sunyang Group, right?”
“What can I do? I heard Chairman Jin has already arranged everything.”
“It would be nice if things went smoothly as arranged, but… when do they ever? There are always those who try to trip you up.”
Oh Se-hyun took a closer look at Jin Dong-ki, whom he had only exchanged brief greetings with before.
This was a chance to confirm Jin Do-jun’s assessment that he was the best of the three.
From his unassuming first impression to his calm manner of speaking, it was clear he was a serious person who didn’t easily reveal his inner thoughts.
“Only those who don’t know that Sunyang has its eye on this will try to interfere. Anyway, please lead the way, Vice Chairman.”
Surprising.
This was a far cry from the arrogant demeanor that Jin Sang-ki, his younger brother, had complained about.
Having assessed each other’s first impressions, the atmosphere between them warmed considerably. Jin Dong-ki seized the opportunity.
“I heard you’re mentoring our youngest nephew. How is he, our Do-jun?”
“Hmm…”
Oh Se-hyun paused for a moment. It seemed better to tell him what he wanted to hear.
“He’s a natural gambler. Quite the opposite of his father, Yoon-ki, you might say.”
“A gambler?”
“Yes. He’s got a good instinct, he’s bold, he’s got guts, and he knows exactly when to bet and when to fold. Most importantly, he’s excellent at reading the game.”
“So you’re saying he’s perfectly suited to be a stockbroker or investor in Yeouido.”
“That’s right. These days, he’s even better than me. He can handle a poker game all on his own now.”
Jin Dong-ki gave a sly smile.
“The qualities of a gambler aren’t just useful at the poker table, you know.”
“Sorry?”
“Those same qualities are exactly what a good manager needs. Don’t you agree?”
Usually, people don’t catch on. It was meant to imply that Do-jun never stepped outside the investment firm. But Oh Se-hyun’s intention missed the mark.
“Ah, now that you mention it, that does make sense. But Vice Chairman, surely you’re not wary of your young nephew, are you?”
He tried to poke at his pride, but even that didn’t work. Jin Dong-ki, still tilting his head, replied.
“I don’t know who the next chairman of Sunyang will be, but the third-generation chairman will definitely be Do-jun. My job is to secure my share so that Do-jun can’t touch it. That way, my kids won’t go hungry, right? Haha.”
Seeing Jin Dong-ki’s awkward laugh, Oh Se-hyun realized that Do-jun had judged him accurately.
And he was certain that this man already saw Do-jun as a competitor.
“Shall we take a look at the creditors’ proposal then? How would you like to proceed? Will you review it yourself, or entrust it to a reliable executive?”
“Let’s review it together. My father insisted I handle it personally. It’s about reshaping the shipbuilding industry, after all. Leaving it to an employee wouldn’t be right, would it?”
Jin Dong-ki wouldn’t miss this chance to gauge Oh Se-hyun’s capabilities.