Free Web NovelMajor conglomerates, including Ilseong and Daehyeon, had begun holding repeated meetings to review acquisitions of Joongwoo Group’s core affiliates.
“What could we acquire from Joongwoo that would give us the best synergy?”
Inside Ilseong Group’s executive meeting room, Chairman Seo Yonggeon posed the question, prompting each division head to pitch their opinions.
“If acquiring Ashin Motors proves difficult, then we should consider acquiring Joongwoo Motors. The synergy effect would be significant.”
This was the opinion of Ha Seonghun, president of Ilseong Motors. Seo Yonggeon, who had been listening quietly, cut him off.
“You’re talking about acquiring a car company when you can’t even grow Ilseong Motors properly? The entire group is already being shaken because of Ilseong Motors.”
“But...”
“I may have jumped into the automobile industry out of ambition, but do you think I don’t know how Ilseong Motors has performed these past few years? The only reason you’re still sitting in that chair is because of our long history together.”
Ilseong Motors was the group’s sore thumb.
Having ambitiously entered the automotive industry in 1995, the company had only just begun mass production this year, but market response was poor.
It had been a long-cherished dream since the previous chairman’s era, and Seo Yonggeon, a self-proclaimed car enthusiast, had jumped in recklessly without proper market research.
It had been a strategic move to compete with Daehyeon, but it had hardly been a success.
“That’s exactly why acquiring Joongwoo Motors would be good for us. We’re just starting out, but Joongwoo already has strong recognition overseas.”
“I know. But now is the time for selection and concentration. Joongwoo Motors’ insolvency is notorious. Let’s think about that after we get through this crisis. For now, just focus on stabilizing.”
As Seo Yonggeon and Ha Seonghun went back and forth, Seo Jaehoon, Ilseong Group’s executive director, spoke up.
“If we’re focusing on selection and ✪ Nоvеlіgһt ✪ (Official version) concentration, I believe acquiring Joongwoo Electronics would be the best move. It would have great synergy with Ilseong Electronics.”
“Joongwoo Electronics, huh?”
“Yes. Forget about the capital for now—its global production plants can’t be ignored.”
Though Joongwoo Electronics’ products were inferior to Ilseong Electronics in quality, they were known for durability.
And thanks to its factories across Eastern Europe and other regions, Joongwoo Electronics was performing well in the European market.
“Joongwoo Electronics...”
Seo Yonggeon’s expression softened with interest, and Seo Jaehoon quickly pressed the point.
“Although the foreign exchange crisis halted our plans, we were already considering building factories in Europe. If we can acquire Joongwoo Electronics cheaply, we could simply utilize their existing factories. This isn’t just my view; everyone in the restructuring headquarters agrees.”
“Everyone in restructuring agrees?”
“Yes. While we all agree the group needs to slim down, we also believe our core electronics division must continue to grow.”
Seo Yonggeon nodded with satisfaction.
“Good. Then, Executive Director Seo, focus the group’s resources on planning the acquisition of Joongwoo Electronics.”
“Thank you, Chairman.”
Seo Yonggeon rarely smiled during executive meetings, but he was generous toward his heir apparent, Seo Jaehoon.
“How’s restructuring progressing?”
“We’re planning to cut over 30% of executives and employees across affiliates. The foreign exchange crisis has caused liquidity issues, but it’s also a perfect excuse to get rid of expensive staff.”
“Good. Don’t hesitate—proceed.”
“Yes, Chairman.”
Looking at Seo Jaehoon with satisfaction, Seo Yonggeon turned back to the other executives, his usual expressionless face restored.
“This is a state of emergency. You understand what that means, right? You can be removed from your position at any time. Treat every directive from the restructuring headquarters as coming directly from me. Understood?”
“Yes, Chairman!”
Their response was loud and clear.
After the meeting, Seo Jaehoon moved to the chairman’s office with Seo Yonggeon.
“Chief Lee.”
“Yes, Chairman.”
“How’s the governance restructuring coming along?”
“We’ve deployed the entire secretariat. Thanks to the foreign exchange crisis, we should be able to reorganize things in Executive Director Seo’s favor at a relatively low cost.”
Hearing this report from his chief secretary, Seo Yonggeon nodded approvingly and smiled at his son.
“Keep it up. Ilseong will be in your hands soon. The time will come when we no longer have to bow to the government. When that happens, Ilseong must be at the very top of Korea.”
“Yes, Father.”
The mood was warm.
But the chief secretary quickly poured cold water on it.
“Chairman Cheon’s shares in Pyeongchang-dong remain a problem.”
“Ha... That old man never goes bankrupt, does he?”
“This time, he secured emergency dollars by handing over a large number of convertible bonds. The issue is, not only those bonds but shares of key affiliates are also tied up as collateral. Lawsuits could restrict voting rights.”
Seo Yonggeon frowned deeply, thinking for a moment before asking:
“Most of those shares went to Kim Muhyuk, didn’t they?”
“Yes.”
“That old man never paid attention to Jiwon or Jisoo...”
“Isn’t that because of Cheon Sooman?”
At the mention of Cheon Sooman, Seo Yonggeon clicked his tongue.
“I only agreed to that arranged marriage because of my father, but I never liked that guy from the start. Marrying my daughter to some loan shark family... What’s Heekyung doing now?”
“She’s managing a hotel with Jisoo. And Miss Jisoo is quite talented—the hotel’s profits have grown over 100% compared to last year.”
Seo Yonggeon’s expression brightened at the mention of Cheon Jisoo.
Watching closely, Seo Jaehoon’s brow furrowed slightly, but no one noticed.
“Jisoo was always smart. Let Heekyung keep managing the hotel and bring Jisoo into the group this time.”
“Yes, Chairman.”
“When Chairman Cheon dies and the lawsuits begin, we’ll be able to strip a significant portion of Kim Muhyuk’s assets. Prepare in advance. Negotiate—offer to handle everything if they transfer Ilseong shares to us.”
“Understood.”
“And Jaehoon, once Jisoo joins the group, groom her to be loyal to you. Blood isn’t always trustworthy, but sometimes it’s the only thing you can trust. You know what I mean, right?”
“Yes, Father.”
Seo Jaehoon had his own thoughts, but he showed nothing in front of his father.
“This is our chance to surpass Daehyeon. That’s why we jumped into the Ashin Motors acquisition battle. Drive the acquisition price up as much as possible.”
The rivalry between Daehyeon and Ilseong had been like cats and dogs since the previous generation.
Similar discussions were happening in every top-10 conglomerate.
Their only concern was what they could take from Joongwoo for themselves—each scheming to acquire pieces cheaply with the government’s help.
* * *
While these corporations were locked in endless meetings...
“Don’t give a clear answer.”
“Got it.”
“Whatever I say, just tell them you’ll think about it.”
On the way to the Blue House, I explained today’s plan to Han Kyungyeong.
“Come in.”
President Kim Hakgwon, sitting in his office, greeted us with a smile.
“How are things going?”
“They’re going well, Mr. President.”
After a brief exchange of pleasantries, Kim Hakgwon quickly got to the point.
“President Han, what do you think of Joongwoo Group?”
“Joongwoo Group, sir?”
“Yes.”
“It’s a good company, despite its high debt. Its reckless expansion caused this mess, but in the U.S., Chairman Park Daeho would be spending the rest of his life in prison.”
“Hmm...”
“Future Investment and several private equity funds have already expressed interest in acquiring it. Future Investment seems intent on buying the entire group. It’s a good option, Mr. President.”
I carefully observed Kim Hakgwon’s expression as they spoke.
His mask hadn’t cracked yet.
“We can’t hand Joongwoo Group over to foreign capital.”
“Setting aside the debt, the group is simply too big. No domestic company can handle it.”
“What’s your opinion?”
Kim Hakgwon turned his attention to me.
Smiling calmly, I gave my prepared response.
“Private equity is dangerous. Profit is their only concern. A company’s potential, growth, its importance to Korea—none of that matters to them. They only move for gain.”
My words hit exactly where it hurt, and Kim Hakgwon gave a faint smile.
“As President Han said, there are few who can buy the whole group. Future Investment may be the best choice. Though there’s also the option of selling a few healthy affiliates to Korean conglomerates... but who would fight over Joongwoo after that?”
“The Ministry of Finance and my advisors feel the same.”
“If I had the funds, I’d acquire Joongwoo myself. The debt is heavy, but once its liquidity crisis is over, it could grow again.”
Kim Hakgwon nodded slowly.
“It will take time, but keeping Joongwoo intact would be better for you, Mr. President. Whether it’s foreign or domestic capital, that’s preferable. But public funds should be minimized.”
“If we inject public funds, we might keep it intact and run it under emergency management.”
Kim Hakgwon sighed.
I shook my head.
“You can’t sink healthy companies just to save Joongwoo. The U.S., especially the IMF, won’t sit idly by.”
My words likely aligned with what the Ministry of Finance and economic advisors had been saying.
After a moment of thought, Kim Hakgwon asked Han Kyungyeong:
“What kind of firm is Future Investment?”
“It’s solid. So far, it’s focused on real estate, but its interest in Joongwoo shows it knows how to exploit Korea’s crisis. They might invest long-term. But the source of their funds...”
“That’s not important right now. We need dollars—no, we need Joongwoo saved.”
“I understand.”
“Would you consider acquiring Joongwoo yourself?”
“Me, Mr. President?”
“Yes. I’d like Dreamhigh Investment to acquire it.”
“Hmm...”
As planned, Han Kyungyeong appeared hesitant.
His lack of a quick answer seemed to irritate Kim Hakgwon, who furrowed his brow.
“You’re an American, but you were born Korean. I’m asking you as a Korean. The government will help you acquire it at a good price if you can just stabilize the crisis. What do you say?”
“Joongwoo’s debt is massive. And the losses from accounting fraud, embezzlement, and breach of trust are enormous. I enjoy aggressive investments, but this risk is too great.”
“Just hold it temporarily.”
Han Kyungyeong gently refused, and Kim Hakgwon began sounding almost desperate.
“Temporarily... President, I’m not a philanthropist.” fгeewebnovёl.com
“...”
“If I join the Joongwoo acquisition battle, it will be with the goal of making it the world’s top company—not to flip it later for a profit. But Joongwoo simply isn’t more attractive than top U.S. companies.”
This was Korea’s problem.
Too much government interference in business—not just corruption, but forced exchanges of corporate assets to suit government tastes.
It had been the same under the military dictatorship, and even now, in this so-called democracy.
“If you want me to acquire Joongwoo, you need to make me an attractive offer as an investor. Money has no emotions. I’m not without affection for Korea, but this isn’t a gamble I’ll take out of patriotism.”
Unlike other conglomerates who would grovel, Han Kyungyeong’s bluntness finally cracked Kim Hakgwon’s mask.
Annoyed, the president frowned.
At that moment, I spoke.
“Mr. President, may I say something?”
<Hyenas with Different Dreams – End>
