Chapter 50: The M&A Game: Soonyang’s Setback and Daehyun’s Ambition

“The bidders for Hando Steel are Soonyang Group, Daehyun Group, and Miracle Investment. After a comprehensive evaluation of their price and non-price proposals, the final acquisition target for Hando Steel is….”

Those watching the breaking news on TV swallowed hard in unison.

“Soonyang Group, with a bid of 2.16 trillion won, has been selected.”

“Yes!”

“Whew.”

“That’s a relief, Chairman.”

The faces of those gathered in the Daehyun Group chairman’s office were beaming as they observed Chairman Joo Young-il’s expression.

Chairman Joo’s smile didn’t fade either.

“It went according to plan, but… Chairman Jin, that old man’s pettiness is consistent as ever. Why not just bid 2.3 trillion? Why shave off the last bit?”

“Still, he was forced to raise the bid considerably, wasn’t he? If you hadn’t intervened, Chairman, he would have snatched Hando Steel for 800 billion won plus 1 billion dollars.”

While there were some whispers of regret, the objective had been achieved.

Now, Soonyang Group’s coffers were empty.

“Hando Steel was a decent acquisition, wasn’t it?”

“Indeed. Soonyang hasn’t exactly taken a loss. They were going to enter the steel business anyway, and Hando Steel provides an easy entry point.”

“But speaking of which, who exactly is that Miracle guy? Thanks to him, we’ve ended up looking like the bad guys.”

“Thanks to him, the evaluation committee had grounds to exclude us, making things easier for us.”

Chairman Joo still wore a suspicious expression.

“Is the investigation ongoing?”

“Yes. On the surface, there’s nothing unusual. They invest in IT and film, and they’re also pouring money into Japan. It’s widespread… but the investor’s identity is hidden.”

“We need to identify that investor quickly. If it’s just a private equity fund, it’s fine, but the fact that the representative is Korean makes me uneasy.”

“I’ll expedite it.”

“Well then, shall we begin the main game?”

As soon as Chairman Joo finished speaking, thick files were placed in front of the meeting attendees.

“Back in ’91, if someone hadn’t reported the Suseo bribery scandal, Ajin Automobile would have been absorbed by Soonyang Automobile.”

“Soonyang was unlucky. For that to happen at that particular time.”

Daehyun Group had no idea that the ‘someone’ was actually a scion of the Soonyang family.

“Chairman Jin of Soonyang strategized well. ‘The Necessity for Restructuring the Domestic Automobile Industry and Government Support Measures.’ This very report.”

Chairman Joo Young-il glanced at the report and immediately put it down.

“It’s the end of the regime, but they’ll still give Daehyun a final gift. Hando, Sammi, Jinro, Samlip. Four conglomerates have gone bankrupt. If they cite irresponsible management by large corporations as the reason, public opinion won’t be negative.”

It was a cruel spring. But it was also a warning sign, unnoticed by anyone, signaling the red light for the Korean economy.

However, the subsequent report made Chairman Joo even happier.

“Ajin is ranked fourth in the business world. It’s a direct result of their reckless expansion. Their internal situation is even worse than it was back in ’91. They’ve given the regime justification.”

“Even without our pressure, Ajin Automobile’s primary bank is considering calling in their loans.”

“Hehehe.”

Chairman Joo’s short laugh clearly revealed his feelings.

“Chairman Jin, that old geezer… he must be going crazy. To watch me swallow Ajin Automobile whole, without even ruffling its feathers, using the very strategy he devised… he might just drop dead from frustration.”

“That’s right. Money he painstakingly saved, only to spend it all on acquiring a steel mill… Hehehe.”

The Daehyun Group chairman’s office was filled with mocking laughter.

“Start tomorrow. Call those newspaper guys and broadcasting guys, ply them with drinks and cash. Throw in some women too. Vigorously shake Ajin Automobile until it collapses completely. Make it easy to pick up. Hahaha.”

Around the time news articles broke, causing the public to point fingers at Ajin Automobile, Chairman Joo Young-il would meet with the Blue House Economic Chief of Staff, the National Assembly’s Strategy and Finance Committee, and the financial institutions that had long-standing relationships with Ajin Automobile, one after another.

Dismantling a live cow piece by piece is the task of the subordinates. The political circles will play the role of the chef, preparing the meat for the banquet table.

Chairman Joo Young-il only needed to pay them handsomely.

* * *

“Chairman. It’s been a while.”

“Oh, Chairman Hong. You look much older. Seeing you is a comfort to me. At least I’m not the only one getting old. Haha.”

“What are you saying? You are still hale and hearty, Chairman. I’m already dependent on this cane, aren’t I?”

Chairman Hong of Hanseong Ilbo lightly shook the cane in his hand.

“Alright, let’s sit down. Two old men standing makes all the young people stand at attention.”

The living room of the hotel suite was hastily converted into a family meeting place, and the families of both sides began their formal meeting.

It was the best place to avoid prying eyes.

News couldn’t leak out before the wedding. If the engagement were broken off, both families would suffer disgrace.

Chairman Jin lowered his gaze and scanned Chairman Hong’s granddaughter, who was sitting demurely.

He had learned one thing from meeting countless people over the years: first impressions are largely accurate, with only slight deviations from a person’s true nature.

Hong So-young, as seen by Chairman Jin, was a strong woman. Her sharp jawline, thick eyebrows, and steady posture, devoid of any nervousness, couldn’t be concealed even by professional makeup.

‘That troublemaking grandson of mine might just be tamed and disciplined by her.’

Feeling his piercing gaze, Hong So-young stood up abruptly and bowed.

“Nice to meet you, Chairman. I am Hong So-young.”

‘Her wits are sharp too.’

“Haha, why so stiff? A granddaughter-in-law should act cute and charming towards her grandfather-in-law. Relax.”

Chairman Jin’s final approval was given. Now, the wedding would proceed smoothly.

Hong So-young’s father, the president of Hanseong Ilbo, looked absolutely delighted.

“I’m overwhelmed with gratitude for your kind acceptance of my inadequate daughter, Chairman.”

The dining table was quickly filled with dishes, and the atmosphere was convivial, but everyone only sampled the food; no one ate heartily. They were all engrossed in conversation.

“Congratulations on the acquisition of Hando Steel.”

“Not at all. What’s there for me to be congratulated for? Vice-chairman and our Young-jun handled everything.”

Chairman Jin glanced at his son, prompting Jin Young-ki to speak.

“This was Young-jun’s first major project with the group, and he performed reasonably well. I was relieved.”

Jin Young-ki subtly praised his son.

“I see. I heard he was studying business abroad for a while. Now he’s taking on such significant projects, steadily preparing to be the successor. Haha.”

As if echoing the sentiment, President Hong didn’t hold back on praising his future son-in-law, Jin Young-jun.

But Hong So-young didn’t miss that precise moment.

When the word ‘successor training’ came out of her father’s mouth, the twitch in the eyebrows of the elderly Chairman Jin, the dominant figure in the room.

As the meal neared its end, Chairman Hong subtly gestured to Chairman Jin.

Chairman Jin assumed he meant the grandfathers should excuse themselves from the grandchildren’s meeting. But Chairman Hong quietly entered the bedroom next to the living room.

The hotel manager, sensing their intentions, promptly prepared and served tea.

“Chairman, strange rumors are circulating these days.”

“What is it?”

“It’s exactly like it was six years ago. News articles are piling up, focusing on Ajin Automobile.”

“Six years ago, you say….”

Chairman Jin’s eyes widened as he placed his teacup down with a thud.

“Are you implying someone is targeting Ajin Automobile again?”

“It’s not certain, but the current situation is eerily similar to back then.”

“Is Hanseong Ilbo also preparing to release articles?”

“I’ve blocked the desk for now. It seemed appropriate for you to confirm personally, Chairman.”

His throat was parched, yet his trembling fingertips prevented him from drinking his tea.

“Is anyone out there? Bring me a bottle of water!”

When a staff member entered with a crystal glass on a tray, Chairman Jin snatched the teacup from the table and threw it.

“Can’t these people understand?! Not a glass, a bottle! Bring me a bottle of water!”

Chairman Jin’s roar silenced the conversation in the living room.

Another staff member quickly brought a small bottle of water, which he guzzled down without pausing for breath.

“Chairman Hong, could you postpone the release of those articles?”

“Of course.”

“I feel awkward asking a favor of my future in-laws even before the wedding.”

“Please don’t mention it, Chairman. It’s the natural thing to do.”

“And also, please look into where these articles are originating from.”

“Our reporters will break a sweat, I assure you.”

This was no longer a conversation between in-laws.

It was a conversation between an advertising client and the owner of a newspaper company.

“Give me full-page advertisements for about three or four days next week. Something along the lines of Hando Steel changing its name to Soonyang Steel and being reborn… something like that.”

“Rest assured. We’ll clear the space for you.”

“Then, if you’ll excuse me, I’ll take my leave. It seems it’s time for me to break a sweat as well.”

As Chairman Jin left, the corners of Chairman Hong’s mouth turned up.

By hindering the Daehyun Group, his in-laws would take better care of his eldest granddaughter, their future daughter-in-law.

* * *

“Uncle, is there any gossip going around Yeouido? About Ajin Automobile?”

“Aren’t you supposed to be at school? How did you get here before me?”

“Don’t you read the news, Uncle? The country is teetering. How can I focus on law books at school?”

Oh Se-hyun’s expression hardened slightly as he sat down across from me.

“Why? Are you worried about the Southeast Asian financial crisis? Or are you planning to scoop up the worthless Southeast Asian currencies with the dollars you’ve stashed away in the US?”

“Why would I be foolish enough to buy trash with dollars?”

“Hmm, so you are concerned about the financial crisis.”

It was time to drop a subtle hint. How would he take it?

“Southeast Asia is like hell, and four major Korean companies have gone bankrupt by April. Yet, we’re patting ourselves on the back, calling ourselves ‘Asia’s Four Dragons.’ Wouldn’t it be wise to prepare for a typhoon?”

“Preparing for a typhoon that might not even come costs money.”

“No. The typhoon is coming, but we’re too distracted to notice.”

“The presidential election?”

“Yes. They started professional basketball to gain votes, and they arrested cartoonists to get the mothers’ votes. Does our country seem sane right now?”

“You’re certain about this typhoon.”

“You’re uneasy too, aren’t you? Right now.”

Oh Se-hyun remained silent. He was someone who constantly monitored global financial trends. There was no way he wouldn’t recognize the signs of a storm.

“Rumor has it that Daehyun is targeting Ajin. Ajin’s cash reserves are depleted. If a few powerful figures join forces to choke them, they’re done for.”

Thank goodness.

History hadn’t changed.

Six years ago, I prevented my grandfather from swallowing Ajin Automobile, so history didn’t change then, but now, six years later, it’s time to change history.

The history of Daehyun Group absorbing Ajin Automobile will be rewritten as the history of Miracle Investment, a foreign investment firm, acquiring Ajin Automobile.

Suddenly, my cell phone rang.

– Hey! Are you seriously not going to do the group project? No, more importantly, you might fail due to insufficient attendance, you idiot!

“What’s wrong with failing? I get to enjoy university life for a few more years.”

– Is that even something to say?! Fine. Let’s say you fail. What about the group project? Are we doing it ourselves?

“Don’t yell and listen carefully. Do your best with the opportunity I’m giving you.”

– What? What nonsense are you spouting?

“Seo Min-young is in our group, right? If the tall, handsome, smart, and rich me diligently attends, do you think you’d even get a chance?”

Silence flowed from the phone.

“Will you get it done?”

– Huh? Ah, no. We’ll take care of the project ourselves, so don’t worry about it. But do something about your attendance. Even if I cover for you….”

I closed my cell phone, listening to the excited voice of my classmate.