Chapter 138: Did You See the News?

“Did you see the news?”

“Yes. About Woosung Group?”

“That’s right. The main creditor bank contacted us. Asking if we’re interested in an acquisition….”

How was he bringing this up before I even had a chance to talk to Oh Se-hyun? Could it be…?

“No. They told us to pick from their subsidiaries. Right now, the only ones with the financial capability are foreign investment firms.”

“What’s their industry reputation like? Are there even any worthwhile subsidiaries? I heard they’re all ticking time bombs with all that fraudulent accounting.”

Pretending ignorance, I started with a negative outlook, and Oh Se-hyun nodded in agreement.

“Their disclosed debt alone is 3 trillion won. That means all their subsidiaries are buried in debt. There’s nothing worth acquiring.”

“Not even one?”

“I heard Woosung Shipbuilding has a significant number of orders already secured. It seems like the best of the lot….”

“Uncle, did the creditor banks perhaps make you a sweet offer?”

“How did you know? You’re like a ghost.”

Seeing Oh Se-hyun’s surprise made my grandfather’s meticulous planning even more apparent.

He must have already hinted at it to the creditor banks, steering them in our direction.

“They promised debt relief. Said if we’re interested, we should meet to negotiate. They told me to come with a light heart, promising we wouldn’t lose out.”

“That’s right. We won’t lose out.”

“Something’s up.”

Realizing it was a done deal, Oh Se-hyun sighed briefly and turned his gaze to me.

“Actually….”

After I recounted my conversation with Grandfather in detail, Oh Se-hyun caught on.

“He’s going to wave your aunt’s contract in our faces? Ha! That old man is truly terrifying.”

“I don’t know if there’s a deeper meaning, but we need to step up, take the hit, and bring it in.”

“Isn’t this just a bluff? Should we push back a little?”

“Grandfather didn’t say a word even after seeing that contract. He knows the department store group could end up in our hands. There won’t be any real consequences even if we resist.”

“But just throwing the contract at us is blatant intimidation.”

It was intimidation. To get the department store group, the first thing that needs to happen is for Grandfather to transfer all his shares to Soonyang Distribution and then to our aunt.

If this share transfer doesn’t happen, Miracle just foolishly lent 400 billion won without collateral and agreed to build large discount stores with payment deferred in full.

But this is just a mild form of pressure.

“Grandfather’s making a request in his own way. It also means he’s turning a blind eye to us taking the department store group. Since we received something, we have to grant his request.”

“Not ‘we,’ it’s ‘you.’ Let’s get our terms straight, you old man.”

“Then I’ll rephrase. I’ll take the department store. Uncle, after acquiring Woosung Shipbuilding, you can sell it to Soonyang Group and make a huge profit, right?”

“You’d give all that profit to me?”

Knowing he was joking, I answered seriously.

“Of course. Take it all as a special bonus for the CEO.”

My expression probably showed that I wasn’t joking. Oh Se-hyun’s mouth hung open.

When was it that Oh Se-hyun declared he’d retire after just five more years? To wrap this up, he’d have to postpone his retirement.

To keep Oh Se-hyun on board even a little longer, money is no object.

“Alright, alright, stop being so touched. We need to handle more pressing matters first. New Data Technology’s IPO is less than a week away, right?”

“Ah, that… right. That’s already prepared. The team is on standby. We’ll start buying small amounts from the first day of trading. Within ten days, we’ll have the shares equivalent to our funds.”

“When will the market manipulators come in?”

“Not initially. The IPO pop will boost the stock price anyway. They won’t come in for at least three weeks. We just need to secure our shares before then and decide when to sell.”

Oh Se-hyun looked at my expression and spoke slyly. His surprised look had vanished.

“Are you really going to leave this acquisition to me?”

“Yes. Either way, we have to negotiate with our second oldest uncle. The heavy industries sector is his domain, isn’t he a difficult opponent?”

“Hmm….”

Avoiding his gaze, which seemed to be checking if I was hiding something, I stood up.

“I’m going to see Grandfather. I need to tell him we’ll proceed with the Woosung acquisition.”

“Hey! Where are you going? I’m not finished talking.”

Leaving Oh Se-hyun shouting behind me, I practically fled the office.

* * *

“Why? You don’t like it? You’re not keen on it?”

“Ah, no, it’s just… surprising.”

“Surprising? When a cheap, good deal comes along, snatching it up is surprising? It’s the obvious thing to do.”

Jin Dong-ki rushed over at the summons of his father, Chairman Jin. He was overjoyed to hear he’d be taking over Woosung Shipbuilding.

He confirmed he’d be in charge of heavy industries and construction as part of the succession process. This wasn’t just a feeler or a test.

But when his father said he’d double the size of the shipbuilding company, he couldn’t help but be surprised. He could interpret it as his father trusting him that much.

“But Father, if we acquire Woosung Shipbuilding in our current situation, people will doubt the sincerity of our ongoing restructuring.”

Under the guise of restructuring, they were carrying out the succession plan. They were planning to crush the troublesome union with this opportunity. Since the entire group was facing difficulties, laying off people was considered natural, and there was public sympathy.

He couldn’t let this golden opportunity slip away due to the Woosung Shipbuilding acquisition. It made no sense to proceed with an acquisition requiring enormous funds while claiming the group was in dire straits.

“That’s why we’ll use a proxy. Once the proxy acquires it and the situation calms down, we’ll take it over.”

Jin Dong-ki suddenly thought of someone.

“Is this proxy perhaps Miracle?”

“You’re well-informed. Right now, the only places that can move that kind of money are foreign investment firms. Miracle has close ties with us, so wouldn’t it be suitable?”

He really wanted to ask, to confirm, what exactly those close ties were.

But asking rashly would only bring a scolding.

“Did they agree to cooperate?”

“Of course. Isn’t acquiring good companies cheaply and selling them for a high price a specialty of friends like Oh Se-hyun? He can’t refuse. I’ll actively help with the acquisition, too.”

“Then I will meet with Oh Se-hyun. Since it’s just lending our name, I will handle the acquisition directly.”

“He won’t be easy to deal with.”

“Pardon?”

“Oh Se-hyun, I mean. He’s not the type to say ‘thank you for taking care of this’ and ‘let’s work together.'”

“What do you mean…?”

Jin Dong-ki fully understood what his father meant.

But this was the perfect opportunity to confirm their close relationship, so he pretended not to know and gauged his father’s reaction.

“He’s agreeing to be a proxy, not a errand boy. Sometimes, proxies hit home runs from the plate, don’t they? He’s not the type to obediently listen to you.”

“Are you saying that if Oh Se-hyun acquires Woosung Shipbuilding and smells the money, he might not hand it over willingly?”

“That’s right.”

Jin Dong-ki bit his lip, trying not to show his dismay. 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 home runs. In that case, there was only one answer he could give.

“I will handle things carefully to prevent any issues and stop Oh Se-hyun from having other ideas.”

“Can I trust you? Woosung Shipbuilding is essential to lead the LNG carrier market. You absolutely cannot lose it.”

“Yes. Please don’t worry. I will ensure there are no setbacks.”

Chairman Jin wore a faint smile as he looked at his confident second son.

“Dong-ki, you might have your grievances, but you must remember this is the best course of action.”

Jin Dong-ki understood what this meant.

“There will be future opportunities. If you seize those opportunities and grow the company, it will eventually become as big as Soonyang Group is now. I believe you and your older brother can double what we have.”

His father’s words were unusually warm, but Jin Dong-ki only believed about half of them.

Whenever words of comfort or appeasement came up, his father was always hiding something. It wasn’t a new experience. He knew his father would never change, no matter how old he got.

But he also knew he always had to give the desired answer.

“Yes. I will live up to your expectations.”

Jin Dong-ki bowed and left the study.

“Aigo, this is tiring. Trying to get my grown-up sons to work while appeasing them is killing me.”

* * *

“Thank you for your time, Representative Oh. You are already aware that this is a very important matter for our Soonyang Group, correct?”

“What role is there for me? I heard Chairman Jin has already coordinated everything.”

“It would be ideal if things proceeded smoothly as coordinated… but how often does that happen? There are bound to be those who try to interfere.”

Oh Se-hyun carefully observed Jin Dong-ki, whom he had only exchanged a few passing greetings with.

This was his opportunity to assess Jin Do-jun’s evaluation that he was the best of the three sons.

From his unpretentious first impression to his quiet and composed manner of speaking, it was immediately apparent that he was a man who didn’t easily reveal his true intentions.

“Only those who don’t know that Soonyang has its eye on it would try to interfere. In any case, please lead us well, Vice-chairman.”

This was unexpected.

Wasn’t this the arrogant guy his younger brother Jin Sang-ki had complained about? This was a completely different, humble demeanor.

After confirming their initial impressions of each other, the atmosphere between them became much warmer. Jin Dong-ki didn’t miss this opportunity.

“I heard you’re taking our youngest nephew around and mentoring him. How is he? Our Do-jun.”

“Hmm….”

Oh Se-hyun paused for a moment. He figured it was better to give him the answer he wanted to hear.

“He’s a born gambler. The complete opposite of his father, Yoon-ki.”

“A gambler?”

“Yes. He has great instincts, he’s bold, gutsy, and he knows exactly when to commit and when to back off. Above all, his ability to read the situation is exceptional.”

“So, that’s a compliment, saying he’s perfect for a securities broker or investor in Yeouido.”

“Exactly. These days, he’s even better than me. He goes into the poker game alone now.”

Jin Dong-ki chuckled softly.

“The qualities of a gambler aren’t only valid in a poker game.”

“Pardon?”

“Those qualities align perfectly with what’s required of a business executive. Wouldn’t you agree?”

He’s more than capable. I meant Do-jun is someone who hasn’t ventured outside the investment firm… Oh Se-hyun’s intention had been misread.

“Ah, now that you mention it, that’s true as well. But Vice-chairman, you’re not perhaps wary of your young nephew, are you?”

He slightly scratched his pride, but even that didn’t work. Jin Dong-ki still tilted his head and said.

“Who the next chairman of Soonyang will be is uncertain, but the third chairman will definitely be Do-jun. As for me, I just need to secure my share firmly so Do-jun can’t touch it. That way, my children won’t starve, right? Haha.”

Seeing Jin Dong-ki’s sheepish smile, Oh Se-hyun knew that Do-jun had judged people accurately.

And he was also certain that this man was already thinking of Do-jun as his rival.

“Now, shall we review the creditor banks’ proposal? How… would you like to review it directly, Vice-chairman? Or will you entrust it to a reliable executive?”

“Let’s review it together. As my father instructed, I need to handle this personally. It’s about changing the landscape of the shipbuilding industry; entrusting it to an employee wouldn’t be right.”

Jin Dong-ki wouldn’t miss this good opportunity to probe and gauge Oh Se-hyun’s caliber.