[061] Battle or Sport? 4
“Isn’t it a bit unusual for an investment firm, whose primary goal is profit, to acquire a car company? It would take a considerable amount of time to not only recover the investment but also to make a profit, wouldn’t it?”
“Investments aren’t always about the short term.”
“A company that went bankrupt due to poor management—there’s a significant risk you might not recover a single penny. Are you taking this risk because you’re acting as a proxy for the Japanese auto industry?”
“Who started this talk about the Japanese auto industry? Where did you get that information?”
Unable to hold back any longer, Oh Se-hyun snapped, prompting Chairman Song Hyun-chang, seated beside him, to take the microphone.
“I’m well aware of the movements in the Japanese auto industry. Ajin Motors collaborated with a Japanese company on technology. I can assure you, there’s no Japanese involvement.”
All the cameras in the room turned to Chairman Song.
“Then, Chairman Song, can we assume that your presence here means you support Miracle Investment’s acquisition of Ajin Group?”
“That’s correct. Not just me, but the entire staff of Ajin Group supports it.”
A dozen union leaders standing behind Chairman Song bowed.
“The entire Ajin Group union promises to freeze wages and avoid disputes until Miracle achieves profitability. This is the resolution of all union members.”
The union leader also took the microphone to add, “CEO Oh Se-hyun of Miracle Investment has promised two things: a clear separation of ownership and management, and a commitment to normalizing Ajin Motors without a single layoff. He also assured us that if necessary, bold investments would be made.”
“Job retention sounds good, but doesn’t it mean the same people responsible for Ajin Group’s bankruptcy will continue to manage it? Shouldn’t at least the executives take responsibility and step down?”
Watching from the back of the room, I was astounded.
Isn’t this more like employees of Daehyun Group asking questions rather than journalists? To them, Miracle is just an unexpected troublemaker throwing a wrench in the works.
“The bankruptcy of Ajin Motors was largely due to external factors, not internal ones. Ajin Special Steel was a crucial area requiring long-term investment, and as you know… Ajin Motors was profitable.”
Even the usually composed Oh Se-hyun seemed to be getting riled up by the biased questions from the reporters, adopting a more aggressive stance.
“I’d like to ask the economic journalists here: why did all the financial institutions suddenly stop lending and start recalling bonds? There are companies with far worse management records than Ajin. Why was Ajin singled out for financial pressure?”
“Are you suggesting, Mr. Oh, that someone orchestrated Ajin’s bankruptcy? Who do you think is behind it?”
“Isn’t it the duty of journalists to uncover such things? Haven’t you investigated why the Ajin Group crisis occurred?”
Oh no, provoking the Korean press, the one opponent you should never fight!
Having never dealt with malicious journalists, we kept getting tripped up.
Fortunately, Chairman Song Hyun-chang took the microphone. Being experienced in such matters, I felt somewhat relieved.
“The review is still pending. Today’s conference is to clarify that there is no Japanese capital involvement.”
Chairman Song’s calm voice helped to settle the room.
“And let me add two more things. Companies are not just profit-seeking entities. They are workplaces that support the lives of the people. Daehyun Group will drive more than half of the people involved with Ajin out onto the streets, under the guise of restructuring.”
It was crucial to touch on public sentiment with the right message. That message came through Chairman Song.
Perhaps due to his experience and wisdom, the journalists didn’t dare interrupt him.
“Moreover, if Daehyun acquires Ajin Motors, they will control nearly 70% of the domestic car market. If a monopoly company only pursues profit, consumer choice disappears. What if Daehyun decides to produce only one model per grade for profit? What if they conduct indiscriminate discounts to increase foreign market share and compensate for the losses in the domestic market?”
He mentioned the public and consumer rights.
If this message can just create fair public opinion, that’s all we need. Fortunately, with the presidential election season, the government is sensitive to public opinion. If we can establish fair public sentiment, we can compete on price alone. I’m confident we won’t lose in a financial battle.
“We must not let rumors about Japanese capital obscure the essence. Ajin Group has already received a lot of public funds. The essence to consider is whether to use public funds to merely expand a conglomerate or to rebirth as a national company with separated management and ownership.”
Chairman Song’s closing remarks delivered the message effectively.
However…
Timing is everything.
This conference should have been held a day before the acquisition review. The key was not to give Daehyun Group time to counterattack.
In our haste, we revealed our hidden card too soon, allowing Daehyun to calmly and methodically counter our moves.
Two days later, the press conference led by Daehyun Motors’ president was a decisive blow that overshadowed our hidden card.
“The global automotive market is already in a scale war where only the top ten will survive. Daehyun Motors’ revenue structure has long surpassed domestic sales.”
“If Ajin Motors and Daehyun Motors merge, they will gain groundbreaking competitiveness through unified design, parts procurement, and sales networks. Naturally, consumers will be able to purchase cars at lower prices.”
“Of course, minimal restructuring is inevitable. But there can’t be workers without a company. We hope you look a little further ahead. When Daehyun Motors gains international competitiveness and enters the global top ten, we can expect tremendous job creation.”
I turned off the TV.
All I could do was sigh.
Oh Se-hyun was the same, sighing repeatedly with a drained expression.
“How’s the stock market reacting?”
“Daehyun Motors’ stock price hasn’t changed.”
“Does that mean our efforts had little effect?”
“No. It’s because the two forces are clashing. Some see the acquisition of Ajin Motors as a bad thing, while others see it as a good thing. It’s almost fifty-fifty.”
Damn it. In the end, both sides have accepted that Ajin Group will inevitably fall into Daehyun’s hands.
“Unbelievable. Bringing Japan into this! I thought anti-Japanese sentiment was only seen in national soccer matches, but now we’re facing it.”
“Uncle, don’t you have any cards left? Just one. I’ll keep the spark alive.”
“I don’t. There’s less than a week until the review. Even if I had a card, there’s no time to reignite the spark.”
It was hard to even suggest not giving up.
If I had known it would come to this, I wouldn’t have interfered when Grandpa tried to acquire Ajin Motors years ago.
“Conglomerates are truly terrifying. How can they manipulate the press and media at will, even if they’re advertisers?”
“It’s not the conglomerates that are scary; it’s that the media has tasted money. Isn’t it just a pen drunk on alcohol and a camera that swallowed money?”
Oh Se-hyun widened his eyes.
“Hey! How can a young guy talk like that? You sound like a seasoned veteran.”
“It’s not my words; it’s Grandpa’s. He always says it. Whenever something unfavorable happens, he clamps down on the media first.”
“Daehyun must have done the same, right?”
“It’s obvious. They must have poured in a massive amount. Considering they even dragged Japan into this nonsense.”
Oh Se-hyun, clearly reluctant to give up, gritted his teeth and said, “Damn it, should I just expose the debt write-off details? If people find out that 7 trillion won was covered with public funds, wouldn’t there be a boycott against Daehyun Motors?”
I almost burst out laughing. How frustrated must he be to say something like that?
“Uncle.”
“What?”
“If you expose that, you’ll have to seek asylum in the U.S. The decision to cover it with public funds was made by the government. Do you think you can live in Korea after shooting at the government? They’ll dig up everything about you, even before you were born.”
Today, it seemed like we needed to let everything go and take a break. Healing the wounds from Daehyun’s counterattack and regaining a clear mind was the priority.
“Uncle, let’s forget everything today and just drink.”
“What? Drink?”
Oh Se-hyun looked at me in disbelief, unable to close his mouth.
“Why? I’m an adult now. Can’t I drink?”
“No, it’s not that… Do you even know how to drink? Have you ever tried?”
How many times have I drunk myself into oblivion?
If I had saved the money spent on drinks while dealing with daily crises, I could have bought several apartments. Of course, it was all on the company card.
“My father is a heavy drinker, so where do you think that bloodline went? It’s perfect. I should test my drinking capacity today.”
I meant it.
“And they say you should learn to drink from an adult, right? Uncle, teach me properly.”
Oh Se-hyun smiled and stood up.
“Alright. Let’s see our major shareholder’s drinking habits today. Oh, and since it’s a dinner between the major shareholder and the CEO, we’ll expense it. Okay?”
I shook my head vigorously and pulled out a card from my pocket.
“Let’s use this. It has no limit, so let’s go to the most expensive place you know, Uncle. Somewhere with women. Heh.”
Oh Se-hyun seemed more curious about the card than the mention of women. He snatched the card from my hand and examined it closely.
“What is this? Isn’t this a Hansung Daily corporate card? Why do you have it?”
“My future sister-in-law is the daughter of Hansung Daily. She gave it to me as pocket money. It’s a matter of pride for a third-generation chaebol. I’ll swipe it so much that the daughter of Hansung Daily will be left speechless.”
Oh Se-hyun put on his jacket.
“Let’s go. Let’s make Hansung Daily’s ink run dry.”
We entered one of the top-tier establishments in Yeoksam-dong, known as the Four Kings.
“Oh my, Mr. Oh! It’s been so long! I thought you had set up shop elsewhere since we haven’t seen you in a while.”
The madam greeted us with exaggerated enthusiasm, then lowered her voice when she glanced at me.
“Who’s this? Are you managing a celebrity now? Venturing into the management business?”
“Don’t be ridiculous. He’s my nephew. I brought him here to teach him the ropes. The kids are at work, right? I’ll give you a proper T/C, so pick the best four. If I’m not satisfied, we’ll leave immediately. We’ve got plenty of other places to go!”
I silenced the madam’s chatter and headed straight to the room.
The madam entered with four young women, immediately latching onto Oh Se-hyun’s side and chattering away again.
“These are the top four. You won’t find girls like this even at the broadcasting stations.”
She wasn’t wrong. Their figures and faces, accentuated by tight, short dresses, were flawless. They might not have the proportions for TV, but their beauty was rare even among the top-tier.
The women caught my eye and smiled.
Isn’t this a profession where they have an uncanny nose for money? A young guy like me showing up here can only mean one thing.
A rich kid from Gangnam.
“What do you think? Do you like them?”
Oh Se-hyun beamed with satisfaction.
“Let’s have them sit.”
With a nod of approval, the girls quickly took their seats, and the madam continued her banter.
“Mr. Oh, to have the top four, ordinary drinks won’t do…”
“Bring in two bottles of Heart Brothers, 32 years old. That should do it.”
The duty-free price is 600,000 won.
I wondered what the price would be for the establishment.
While the five women in the room cheered, I was lost in such trivial thoughts.
As the two women beside me linked arms and showered me with compliments and flattery, the drinks arrived.
“Shall we start with a round of bomb shots? A strong hit first makes the light punches hurt less. Girls, let’s go!”
The women mixed the expensive whiskey with beer.
Sensing that two bottles wouldn’t be enough, they poured generously, sparing no expense.
“Alright, everyone, raise your glasses. It’s only polite to finish the first drink.”
Starting off strong! Learning to drink from Oh Se-hyun might not be the best idea.
The fizz of the beer and the aroma of the whiskey warmed my throat and heated my insides.
“Wow, you can drink! Great, let’s go again!”
As the girl next to me prepared another bomb shot, I interjected.
“Just a little whiskey, okay? Mixing it half and half with that strong stuff?”
“Our handsome young oppa doesn’t know. With high-quality whiskey, it’s fine to mix more than half. It goes down smoother.”
I couldn’t help but chuckle.
They’ll say anything to boost sales.
“Our cute oppa, cheers!”
As the two women raised their glasses to me, a single word suddenly struck my mind.
Half and half!