Chapter 61: The Stakes of Acquisition: Public Opinion and Hidden Agendas

“It’s hard to understand why an investment firm focused on profits would acquire a car company. It would take a significant amount of time to recoup the investment, let alone turn a profit, wouldn’t it?”

“Not all investments are short-term,”

“A company that has gone bankrupt due to poor management carries a high risk of not recovering any of the investment. Is the reason you’re taking on such a risk perhaps because you’re acting as an agent for the Japanese automotive industry?”

“Who started this talk about the Japanese automotive industry? Where did you get that information?” Oh Se-hyun snapped, losing his patience. Beside him, Chairman Song Hyun-chang took the microphone.

Chairman Song Hyun-chang, seated beside him, took the microphone as Oh Se-hyun’s patience wore thin.

“I am well aware of the movements within the Japanese automotive industry, as Ajin Automobile had a technological partnership with a Japanese company. I can state unequivocally that Japan is not involved.”

Every camera in the conference hall turned towards Chairman Song Hyun-chang.

“Then, let me ask Chairman Song. Seeing you here with them, is it safe to assume that you support Miracle Investment’s acquisition of Ajin Group?”

“Yes, it is. Not only myself, but all the executives and employees of Ajin Group support it.”

Dozens of union leaders standing behind Chairman Song bowed deeply.

“The entire Ajin Group union pledges to freeze wages and maintain labor peace until Miracle achieves profitability. This is the resolution of all union members.”

The union leader also took the microphone to add his support.

“CEO Oh Se-hyun of Miracle Investment has promised two things: a clear separation of ownership and management, and a commitment to normalize Ajin Automobile without a single layoff. He also assured us of aggressive investments if necessary.”

“Succession of employment sounds good, but doesn’t it mean that those responsible for Ajin Group’s bankruptcy will continue to manage it? Shouldn’t at least the executives and higher management take responsibility and step down?”

Watching from the back of the conference hall, I was dumbfounded.

Isn’t it more like Daehyun Group employees are asking the questions rather than reporters? In their eyes, Miracle is just an interfering nuisance that appeared out of nowhere.

“Ajin Automobile’s bankruptcy was due more to external factors than internal ones. Ajin Special Steel was a necessary sector requiring long-term investment, and as you know… Ajin Automobile was profitable.”

Even the usually composed Oh Se-hyun was starting to get visibly angry at the reporters’ biased questions, adopting a more aggressive stance.

“I would rather ask the economic reporters present here: Why did all financial institutions suddenly stop lending and start recalling loans? There are many companies with far worse management performance than Ajin Automobile. Why did Ajin alone face such financial pressure?”

“Are you implying that someone orchestrated Ajin’s bankruptcy, CEO Oh? If so, who do you think is behind it?”

“Isn’t it the mission of journalists to uncover such things? Haven’t you investigated the reasons behind the Ajin Group crisis?”

Damn it! The last people we should be fighting with are the Korean reporters, and here he is provoking them!

Having no experience dealing with malicious reporters, he keeps getting tripped up.

Fortunately, Chairman Song Hyun-chang took the microphone. He’s an experienced veteran in these matters, which was somewhat reassuring.

“The review process is still ongoing. Today’s conference is to clarify that Japanese capital is not involved.”

Chairman Song’s calm voice brought a sense of order back to the conference hall.

“And I have two more points to make. Companies are not just entities that pursue profits. They are workplaces that support the livelihoods of the people. Daehyun Group will push more than half of the people working at Ajin onto the streets, under the guise of restructuring.”

It was crucial to sway public opinion with a carefully chosen message, and that message was coming from Chairman Song.

Perhaps due to his experience and wisdom, the reporters didn’t dare interrupt him.

“Furthermore, if Daewoo acquires Ajin Automobile, they will have nearly 70% of the domestic car market. When a monopoly pursues only profit, the people’s choices disappear. What if Daewoo only produces one model per grade to maximize profit? What if they offer indiscriminate discounts in foreign markets to increase market share, compensating for the losses in the domestic market?”

He invoked the people and the rights of consumers.

This message just needs to create a fair playing field in public opinion. Fortunately, the presidential election is underway, so the government is sensitive to public sentiment. If a fair public opinion is formed, we can compete on price alone. I’m confident we won’t lose in a battle of money.

“We must not obscure the essence with rumors of Japanese capital. A significant amount of public funds has already been invested in Ajin Group. The real question is whether we want to use public funds to further inflate a chaebol’s size or to give birth to a national company with separate ownership and management.”

Chairman Song’s closing remarks effectively delivered the message.

However…

Timing is the problem.

This press conference should have been held the day before the acquisition review. The key was not to give Daehyun Group time to counter.

By revealing our hidden card prematurely due to impatience, Daewoo had ample time to calmly and meticulously refute our points.

Two days later, the press conference where the president of Daehyun Automobile appeared in person was a decisive blow that crushed our hidden card.

『The global automotive market has already entered a war of scale, where only the top ten players will survive. Daehyun Automobile’s sales structure has long relied more on exports than domestic sales.』

『If Ajin Automobile and Daehyun Automobile merge, we can achieve revolutionary competitiveness through joint design, unified parts procurement, and integrated sales networks. Consumers will naturally be able to purchase cars at lower prices.』

『Of course, minimal restructuring will be unavoidable. However, workers cannot exist without a company. I hope you will look a little further ahead. We can expect tremendous job creation as Daehyun Automobile achieves international competitiveness and joins the ranks of the global top ten.』

I turned off the TV.

A sigh escaped me.

Oh Se-hyun was the same, looking utterly drained and sighing repeatedly.

“How’s the stock market doing?”

“Daehyun Automobile’s stock price hasn’t changed.”

“Is the effect minimal?”

“No. It’s because the two forces are clashing. There are those who think acquiring Ajin Automobile is a negative, and those who think it’s a positive. It’s almost fifty-fifty.”

Damn it. Isn’t this ultimately a result of both sides assuming that Ajin Group will go to Daewoo?

“Wow. To drag Japan into this! I thought anti-Japanese sentiment was only seen during national soccer games, but we’re the ones getting hit with it.”

“Uncle, don’t we have any cards left? Just one. I’ll try to rekindle the flame.”

“No, we don’t. The review is less than a week away. Even if we had a card, there’s no time to reignite the embers.”

I couldn’t even bring myself to say ‘don’t give up’.

Knowing how things turned out, I even regretted not letting Grandfather acquire Ajin Automobile a few years ago.

“The power of chaebols is truly frightening. How can they control newspapers and broadcasters at will, just because they’re advertisers?”

“It’s not that chaebols are frightening, it’s that the media has developed a taste for money. Pens drunk on booze and cameras that swallow money, isn’t that it?”

Oh Se-hyun’s eyes widened.

“Hey! What’s a kid like you saying? You sound like an elder statesman.”

“It’s not my words, it’s Grandfather’s. He says it all the time. When something unfavorable happens, the first thing they do is silence the media.”

“Daewoo must have done the same thing, right?”

“It’s a no-brainer. They must have poured in an enormous amount of money. Especially to drag in that ridiculous Japan angle.”

Oh Se-hyun seemed too frustrated to give up, grinding his teeth as he spoke.

“Damn it, should I just expose the debt relief details? If people knew that 7 trillion won of public funds would be used to cover it, wouldn’t there be a Daehyun Automobile boycott?”

I almost burst out laughing. He must be incredibly frustrated to even say something like that.

“Uncle.”

“What?”

“If you leak that, you’ll have to seek asylum in the US. The government decided to use taxpayer money to cover it. Do you think you can live in Korea if you start shooting at the government? They’ll dig up everything about you, even before you were born.”

It felt like today was a day to let everything go and rest. Healing the wounds inflicted by Daewoo’s counterattack and regaining clarity was the priority.

“Uncle, let’s forget everything today and just get drunk.”

“What? Drink?”

Oh Se-hyun stared at me in disbelief, his mouth agape.

“Why? I’m an adult now, can’t I drink?”

“Oh, no, it’s not that… Can you even drink? Have you ever had alcohol before?”

How many times have I drunk myself into oblivion?

If I had saved the money spent on drinks while dealing with constant crises, I could own several apartments. Of course, it was all on the company card.

“My father could drink like a fish, it’s in the blood, isn’t it? This is great. I should test my alcohol tolerance today.”

I meant it.

“Besides, isn’t there a saying that you should learn to drink from an adult? You can teach me properly, Uncle.”

Oh Se-hyun grinned and stood up.

“Alright. Let’s see our major shareholder’s drinking habits. Oh, and since it’s a dinner between the major shareholder and the CEO, it’s a business expense. Okay?”

I vigorously shook my head and pulled out a credit card from my pocket.

“Let’s use this. It has an unlimited limit, so let’s go to the most expensive place you know. Somewhere with girls. Hehe.”

Oh Se-hyun seemed more curious about the card than the women. He snatched the card from my hand and examined it closely.

“What’s this? Isn’t this a Hanseong Ilbo corporate card? Why do you have it?”

“My future sister-in-law is the daughter of Hanseong Ilbo, and she gave it to me to use as allowance. It’s a matter of pride for a third-generation chaebol. If I really start spending, this is what it looks like… I’m going to spend so much that the daughter of Hanseong Ilbo will be speechless.”

Oh Se-hyun put on his jacket.

“Let’s go. Let’s bleed Hanseong Ilbo dry of ink.”

* * *

We entered one of the top ten hostess bars in Yeoksam-dong.

“Oh my, President Oh. It’s been a while! You’ve been so scarce, I thought you’d set up a love nest somewhere else.”

The madam, greeting him effusively, glanced at me and lowered her voice.

“Who’s this? Are you grooming a celebrity? Are you in the management business now?”

“Don’t talk nonsense. He’s my nephew. I brought him here to teach him the ways of drinking. Are the girls here? I’ll pay the T/C properly, so pick four of the best. If I don’t like them, we’re leaving right away. We have plenty of other places to go!”

He silenced the madam’s chatter and went straight to a private room.

The madam, bringing in four women, stuck close to Oh Se-hyun and started chattering again.

“The top four. You won’t find girls like these even at broadcasting stations.”

She wasn’t wrong. Their figures and faces, squeezed into tight mini-dresses, were flawless. Their proportions might not be suitable for broadcast cameras, but this level of beauty is rare even in ten-percent bars.

The women’s faces broke into smiles as their eyes met mine.

Aren’t they professionals who have an uncanny sense for money?

A young guy like me frequenting a place like this means only one thing.

A son of a wealthy Gangnam nouveau riche.

“How are they? Do you like them?”

Oh Se-hyun was beaming, seemingly very satisfied.

“Seat them.”

I nodded, giving the okay sign, and the women quickly took their seats. The madam then started her spiel again.

“President Oh, to have the top four, the usual liquor won’t do….”

“Put in two bottles of Heart Brothers 32-year-old. Got it?”

The duty-free price is 600,000 won.

What’s the wholesale price for businesses?

While the five women in the room cheered, I was preoccupied with such mundane thoughts.

As the two women sitting on either side of me clung to my arms, showering me with praise and flattery, the drinks arrived.

“Shall we start with some somaek? A strong first hit makes the afterpains less severe. Girls, get them going!”

The women mixed the expensive whiskey with beer.

Sensing that it wouldn’t end with two bottles, they poured generously, not skimping on the alcohol.

“Alright, everyone, raise your glasses. It’s customary to empty the first glass.”

Starting strong from the beginning! I shouldn’t learn how to drink from Oh Se-hyun.

The fizz of the beer and the aroma of the whiskey warmed my throat and made my stomach feel hot.

“Oh, you can hold your liquor! Good. One more round!”

As the woman next to me was making a somaek, I said something.

“Just a little whiskey, please. Why are you mixing it half and half with that strong stuff?”

“Our handsome young oppa doesn’t know much, does he? Good quality whiskey is fine even if you mix more than half. It goes down smoother, you know.”

Unbelievable.

They’ll come up with any excuse to increase the bill.

“Our cute oppa, cheers!”

As the two women offered their glasses, a single word suddenly struck my mind.

“Half and half!”