[058] Is It a Fight or a Sport?
We’ve walked a single path.
We had to walk a single path.
We will continue to walk a single path.
Korea’s first minivan.
Korea’s first compact SUV.
Korea’s first compact car.
Korea’s first OOO.
This is the path of Ajin Motors.
Chairman Joo Young-il stared intently at the full-page ad in the Hansung Daily before tossing the newspaper aside in frustration.
“What is this? What’s Song Hyun-chang up to now?”
The meeting room was thick with tension. Someone needed to step up and provide a plausible explanation for the ad.
“It’s just their last desperate attempt. Nothing to worry about.”
The explanation was far from convincing.
Chairman Joo’s eyes sharpened, and his voice rose.
“Really? Then why doesn’t it look desperate to me? It seems like a carefully planned strategy being executed step by step!”
He picked up the discarded newspaper again.
“See these three circles? Dot, dot, dot! What do you think will fill them? It’s a new car, isn’t it? And it’s going to be Korea’s first! It shows their determination to survive. Don’t you get it?”
The room was once again filled with a chilling silence.
As everyone exchanged nervous glances, someone finally broke the silence, speaking cautiously.
“Uh, Chairman.”
“What is it?”
“The information team has picked up on some suspicious rumors…”
All eyes turned to the speaker, hoping for an explanation that would clarify the day’s full-page ad.
“We’ve heard rumors that besides Daehyun, another party is entering the race to acquire Ajin. It’s just tabloid-level gossip, not very credible.”
“Who is it?”
“There’s talk of an investment firm that’s fully prepared and waiting.”
“An investment firm?”
“Yes. It’s called Miracle Investment… You might remember them from the Hando Steel acquisition.”
Chairman Joo’s eyebrow twitched. It was a name he couldn’t forget.
“Those guys again?”
A foreign investment firm with a relentless appetite for Korean companies. It was unsettling to dismiss it as mere rumor.
“Yes, but it could also be a rumor spread by the creditors to drive up the acquisition price. Competition is better than a solo bid.”
“You fool! How can you report this now?”
“What?”
The chairman’s rebuke left the reporter blinking in confusion. The other executives in the meeting struggled to understand why he was reacting so sensitively to what seemed like a simple rumor.
“Don’t you know the creditors and the government have already agreed? It’s a done deal! Stirring things up now is out of the question! And you talk about creating competition? They’ve promised to hand over Ajin Motors before the year-end election. There’s no reason to complicate things.”
Chairman Joo, visibly anxious, got up and began pacing.
The memory of Miracle’s interference in the Hando Steel acquisition was still fresh. The prime land Hando owned was lost to him, and now they were meddling again.
With the election just months away, he couldn’t afford any unexpected variables this time.
His pacing came to an abrupt halt.
“I’m going to their office. I need to find out if this is just idle gossip or the real deal.”
“Sir, we have a visitor.”
The door swung open as the secretary rushed in, eyes wide as if she’d seen a ghost.
“Who is it? Why the fuss?”
“It’s the chairman of Daehyun Group…”
“What?”
Both I and Oh Se-hyun jumped to our feet, as startled as the secretary.
“Tell him to wait a moment.”
We exchanged urgent glances and quickly tidied up the papers scattered on the table.
“Uncle, I’ll be in the next meeting room. And keep the intercom on. I need to hear what’s being discussed.”
“Right. It’d be a disaster if he recognized you. You’ve been on TV a bit.”
I pulled my cap down low and quietly slipped out of the CEO’s office, avoiding the gaze of the Daehyun Group chairman as I hurried to the meeting room at the end of the hallway and turned on the phone’s speaker.
“Welcome, Chairman.”
As Oh Se-hyun bowed, Chairman Joo Young-il extended his hand.
“Thank you for welcoming an uninvited guest like me. I hope I’m not imposing.”
“No place in Korea would consider you an uninvited guest, Chairman. Please, don’t worry.”
Oh Se-hyun handed over his business card, and the middle-aged man accompanying Chairman Joo accepted it, preparing to offer his own, but Chairman Joo waved him off.
“I can’t have my secretary’s card given out when I’m the one barging in.”
Chairman Joo pulled out his own card from his pocket and handed it over.
Joo Young-il, Daehyun Group.
And just his mobile number.
Oh Se-hyun had become one of the few people with direct access to Chairman Joo. Knowing the number of Jin, the chairman of Sunyang Group, he might even be among the top ten.
“Please, have a seat.”
As Oh Se-hyun gestured to a chair, Chairman Joo smiled slightly.
“A company eyeing Ajin Motors can’t be humble, can it? You’re modest.”
Oh Se-hyun hesitated for a moment but quickly regained his composure.
There was no reason to be intimidated by reputation. They were sitting at the same table now.
Both were dealing cards to acquire Ajin Motors on equal footing.
The only difference was the size of their stakes, but even that wasn’t enough to be overwhelmingly one-sided.
“Is it that the rumors travel fast, or is Daehyun Group’s intelligence that good?”
Chairman Joo’s face showed a hint of surprise. Even if it were true, he expected them to keep it under wraps, but their straightforwardness made things easier.
“Could you step out for a moment? I think we need to talk alone.”
“Yes, Chairman.”
The middle-aged man accompanying him bowed and quietly left.
“Since you’re not hiding anything, let’s get straight to the point. What do you want?”
“Of course, we want Ajin Motors. Is there anything else on offer?”
“Assuming you acquire Ajin, what’s next? Are you planning to break it up and sell it off, or fatten it up and sell it for a premium?”
“Did you see today’s ad in the Hansung Daily?”
When Oh Se-hyun picked up the newspaper, Chairman Joo waved it off.
“I saw it. I don’t want to see it again.”
“I quite like this ad. The car that will fill those dots… Doesn’t it make you want to build it yourself?”
Chairman Joo gestured toward the monitor on Oh Se-hyun’s desk.
“With eyes used to stock graphs, building cars? That’s quite a dream.”
“Well, we have enough money to turn dreams into reality. Money is a wonderful thing. Haha.”
Chairman Joo’s jaw twitched, as if he were clenching his teeth.
To laugh so openly in front of him…
“Let’s cut the nonsense and tell me what you want. You’re an investment firm, aren’t you? Invest and collect… That’s your primary goal, so just tell me how much profit you want, and we can avoid unnecessary conflict.”
“So you’re saying you’ll pay us to back out of the fight?”
“Exactly. A price war is just a hassle. Isn’t this a good opportunity?”
Oh Se-hyun, having entered the big leagues, was beginning to see the true nature of Korea’s conglomerates.
They don’t fight to win; they eliminate the fight altogether. Judging by Chairman Joo’s expression, he seemed willing to accept even a billion.
After all, it’s a solo bid, so they could just write a billion less on the bid documents.
“It seems you have a misunderstanding… Our investors have plenty of money. Right now, they want to have some fun. They’re all car enthusiasts, so they want a car manufacturer.”
Buying a toy company for a child who loves toys.
This absurd statement meant only one thing. There would be no negotiation.
“One article about foreign speculative capital draining national wealth, and you’ll have nowhere to stand. Koreans are second to none when it comes to patriotism.”
“When they see the bid price, everyone will know who’s more patriotic.”
It was a warning that they wouldn’t be outbid.
Chairman Joo understood Miracle’s resolve. It wasn’t something that could be hidden behind talk of dreams or car enthusiasts.
As he let out a low sigh and prepared to leave, Oh Se-hyun’s phone rang.
“Sorry, Chairman. I have to take this call.”
Chairman Joo nodded, picking up his teacup.
“Go ahead.”
He was curious about who Oh Se-hyun was speaking to in a low voice in the corner of the office. Who could be so important that he had to take the call during a conversation with someone like him?
After a brief call, Oh Se-hyun returned to his seat, not hiding anything.
“It seems my secretary informed one of our major investors that you were here, Chairman.”
“You’re saying it’s your backer?”
“Yes, something like that.”
“So, did they give you any important instructions?”
Oh Se-hyun scratched the back of his head, showing an awkward smile.
“They’re very direct and efficiency-oriented…”
“What? What are you trying to say?”
A glimmer of hope appeared on Chairman Joo’s face. Could it be that they wanted to avoid competition?
“They suggested we lay all our cards on the table… Fill in what can be covered with public funds and compete solely on the acquisition price. It’s mutually beneficial. A win-win. Whoever wins, it’s the least damaging way.”
“Are you serious?”
Suggesting that they unite on non-price factors and compete only on the bid price.
Chairman Joo was taken aback. How could he make such a proposal with a straight face?
“You barged into my office and offered money to back out of the bidding competition. You proposed a shortcut first, so I’m just responding. Setting rules for a fight makes it a sport. Doesn’t it elevate the dignity?”
Chairman Joo glared at Oh Se-hyun, who was grinning slyly, and rose from the sofa.
“You’re an amusing fellow. It’s been a while since I’ve had a proper fight. Dignity? The name Daehyun wasn’t built on dignity. It was forged in the mud, through battles. Remember that well. Look forward to it.”
As Chairman Joo stormed out, Oh Se-hyun watched his retreating figure with a twinge of regret, wondering if he’d said too much.
Hearing the door open through the intercom, he quickly dashed to the CEO’s office.
“Hey! Did I poke the wrong bear?”
The moment he saw my face, my uncle shouted anxiously.
“Why? Was it tense?”
“You heard him, didn’t you? No, you should’ve seen his face. The old man’s eyes were blazing with determination. It was chilling.”
Did I misjudge the situation? That can’t be right.
“Did you think my idea was off too, Uncle?”
“No, it was spot on. That’s why I proposed it immediately. If both sides demand the same debt relief during the bidding, the creditors will have no choice but to accept. And I’m sure the creditors promised Daehyun Group significant debt relief.”
Oh Se-hyun glanced at me and chuckled softly.
“You really are one of those chaebol kids.”
“Why the sudden realization? I’m a third-generation chaebol, aren’t I?”
“You don’t act arrogant or entitled, and you study diligently, so I tend to forget. But coming up with debt relief in that short moment was impressive.”
I held back the words I wanted to say as I watched Oh Se-hyun’s wry smile. Actions speak louder than words when it comes to showing sincerity.
In the long run, I’ll prove that I’m the only chaebol who doesn’t treat public funds like my own.
“Alright, let’s revise the documents. Double the estimated debt relief and recalculate.”
“What? Hey! Didn’t you hear what Chairman Joo said…?”
“I heard. Just ignore it.”
Oh Se-hyun’s concerns are unnecessary. Chairman Joo’s outburst was just that—an outburst.
Mud? Fights?
Those are tales of the past. The current Chairman Joo is a chaebol to his core. No chaebol would refuse a proposal to save money by working together.