The Magician’s Memorial - Chapter 346



Only Krnovel

346. The beginning of the revolution (5)

In negotiations, in the end, the less fortunate party makes concessions.

To that end, I expressed my intention that Taewo Group has no major regrets about Bumcat.

“If you don’t want to sell Bumcat, we can help you in another way. We can’t help you with the unsold apartments, but Taewoo Construction can take over the apartments that are about to be completed. Then, the problem of fund liquidity will not become more serious. I don’t think so.”

“The scale is greatly reduced.”

The sale price of Bumcat is 5 trillion won.

Unsold apartments were worth only 500 billion won.

Of course, it would be a shame to see the amount reduced to 1/10th.

“You can slowly consider whether to sell Bumcat or hand over the unsold apartments to Taewoo Construction. Taewo Group can wait for as long as you want. Of course, it doesn’t matter if you don’t receive any help.”

“Hehe, Taewoo Group is in no hurry.”

What was urgent was the Dosan Group.

And the person holding the steering wheel of the huge ship called Dosan Group was Chairman Park Min-yong.

“And I wasn’t able to tell you all the conditions for acquiring Bumcat. Instead of acquiring Bumcat for 5 trillion won, we will let Taewo Group own the shares of the Nonhyeon-dong office building owned by Dosan Group.”

“The Nonhyeon-dong office building is worth over 180 billion won.”

“Isn’t that a very weak condition for selling Bumcat for 5 trillion won? It doesn’t matter if 180 billion won is deducted from the acquisition price instead of the stake in the Nonhyeon-dong office building. Then, Bumcat will be sold for 4.85 trillion won. ”

I didn’t have much interest in real estate.

It was just a condition added to disparage the value of Bumcat.

A new headquarters building was already being built in the center of Seoul, and a financial hub building was also being built on the KEPCO site, so there was no need for new land.

“I will get back to you after I have a meeting with the executive team.”

“You can decide slowly. I will wait forever.”

Rather, leisure acts as an element of pressure.

The more I took my time, the more Chairman Park Min-yong became impatient, and the possibility of making a wrong choice increased.

* * *

Dosan Group executives meeting.

It was a meeting attended by the presidents of each affiliate and heads of important departments at the group headquarters.

At the gathering where everyone gathered, Chairman Park Min-yong spoke without hesitation about the proposal presented by Taewo Group.

“We need to decide whether to secure stable financial liquidity by selling Bumcat, or to get over the current crisis by handing over unsold apartments to Taewoo Construction.”

“Even if we turn over unsold apartments, we cannot make up for Dosan Construction’s deficit. Last year, Dosan Construction’s deficit was over 300 billion won. And this year’s deficit is expected to be 650 billion won.”

If things continued like this, Dosan Construction’s deficit was expected to exceed 1 trillion won.

As the construction economy showed no signs of improving, it was clear that there would be a series of unsold units next year as well.

Even though Dosan Construction was a conglomerate ranked in the top 10 in the business world, it could not afford for one of its affiliates to see a deficit of 1 trillion won.

“Chairman Kim Min-jae told me to make a choice. I was in a situation where I had to choose between saving Bumcat or saving Dosan Construction.”

“It is too bad that we have put in so much effort to sell Bumcat. It is now starting to return to normal, and the surplus is expected to increase every year.”

The president of Dosan Heavy Industries opposed the sale of Bumcat.

As expected, Dosan Heavy Industries tried its best to save Bumcat, and the moment it was finally starting to see the light of day, it had to be sold.

“I am of the opposite opinion. If we can sell Bumcat for 5 trillion won, we can create a completely new era. We can write off all of Dosan Construction’s debt, and we can also solve the liquidity problem of existing affiliates. From a clean slate. “It’s an amount that allows you to start anew.”

“I respect the director’s opinion, but Bumcat is an important company that will serve as a new cash cow for Dosan Group. If we can overcome the current crisis, Bumcat can enrich Dosan Group.”

A conflict of opinion occurred between the president of Dosan Heavy Industries and the chief financial officer (CFO).

Because it was a conflict between two highly ranked members of the Dosan Group, no one even thought of getting involved.

“Think about it. If the liquidity issue is not resolved, there is no future for Bumcat. Moreover, Taewu Group has decided to acquire it for 5 trillion won. Even if more time passes, we cannot guarantee that Bumcat can be sold at that price. no.”

“I can guarantee you. Even after just 1-2 years, Bumcat can be sold for 6 or 7 trillion won, not 5 trillion won.”

“Tsk, tsk, do you think 5 trillion won now and 7 trillion won two years from now are the same value? If we invest 5 trillion won now, we can solve the fund liquidity problem, but even if we invest 7 trillion won two years from now, we won’t be able to solve the fund liquidity problem. It’s more likely.”

From the CFO’s perspective, the debt had to be reduced somehow.

The amount being paid out in interest every month was increasing, and the CFO was concerned that after two years, no matter how high the sales, the company would not be able to cover the interest payments.

“Please calm down for a moment. And Chairman Kim Min-jae asked for a share of the Nonhyeon-dong site as a condition of acquiring Bumcat. He also said that if he would not give me a share, he would deduct 180 billion won from the acquisition fund.”

“The Nonhyeon-dong site is a waste, but we were planning to sell it anyway. I don’t think it would be a bad idea to hand over the Nonhyeon-dong site to Taewoo Group in return for 5 trillion won.”

“The site in Nonhyeon-dong is where the history of Dosan Group lies. I don’t want to hand over such land to Taewoo Group.”

The CFO thought for a moment and answered.

He thought of a way to change Chairman Park Min-yong’s mind.

“Then how about adding this condition? A clause to reacquire the Nonhyeon-dong site after five years.”

“Would Taewoo Group accept such conditions?”

“Taewoo Group is not in a situation where the Nonhyeon-dong site is unsatisfactory. Why would they need the Nonhyeon-dong site when high-rise buildings are under construction in two central Seoul areas? So, it is very likely that they will accept it.”

“If you buy it at market price after 5 years, you have to pay more money.”

“No matter how much real estate prices rise, the maximum is double. Even if 180 billion won becomes 360 billion won, it is an amount that cannot be compared to 5 trillion won.”

The CFO’s say was powerful.

Although the president of Heavy Industries resisted to the end, he could not overcome the CFO, who was in charge of the company’s finances.

“Hmm, then the finance team and planning office should write a plan regarding the sale of Bumcat. Compare the case of selling Bumcat and the case of not selling it, and write a detailed report on which is better for the future of Bankruptcy Group.”

“I will report the plan within this week.”

What does the report mean?

Chairman Park Min-yong was already in good spirits, and he just needed the plan to comfort his mind.

* * *

A few days later.

A president returned from Europe.

He was a CEO who had finalized a contract with Robo Nordisk for the right to produce insulin in Asia and was busy collecting the money he had spread throughout Europe.

“Your face has become half as big. There is nothing better than samgyetang to take care of your body.”

“I heard that the Chairman has been very busy. I also heard that you are trying to acquire Bumcat from Dosan Group. Is this true?”

“I’ll give you the answer if you drink the soup first.”

Hello!

The owner took a sip of the thick samgyetang soup, and it was only after I saw that his uvula was moving that I gave him an answer.

“We will acquire Bumcat. It seems like there is no other opportunity to purchase a company like Bumcat at a bargain price of only 5 trillion won.”

“Every time Bumcat went public, its value went down.”

“Right now, the corporate value is low due to high debt and low sales, but in my opinion, the company is very undervalued.”

President Han’s facial expression changed in real time, as if he was thinking a lot.

Then, as if he had gathered his thoughts, he exhaled and continued speaking.

“Since the Chairman said it is undervalued, I will acknowledge the value of Bumcat. But is there really a need for Taewu Group to acquire a construction machinery company like Bumcat?”

“If we enter the shale gas business in earnest, won’t the demand for construction machinery increase significantly? We will be able to make money through shale gas and also make money in the construction machinery business.”

There was a plan to pour tens of trillions of won into shale gas.

Then, of course, the scale of construction will increase.

Then we could make money with two tracks.

“It is clear that the shale gas business will boom, so you are saying that we should acquire a company that will benefit.”

“It also has the effect of reducing risk. Even if the shale gas project does not proceed as planned, we can reduce losses a little by selling construction machinery. Of course, it will be a very small amount.”

“Okay. Then, we will go through the process of acquiring Bumcat.”

“Aren’t you objecting further?”

“There is no reason to oppose it. And it may sound a little arrogant to say this, but what reason would there be to oppose the acquisition of a company worth 5 trillion won? In fact, even if the chairman enjoys a hobby with 5 trillion won, it can be overlooked. there is.”

Was President Han’s barrel this big?

He was a CEO who had become a big person without even knowing it, which also meant that he earned high profits in Japan and Europe.

“It looks like you had a lot of fun in Europe.”

“Finally, we made a big move. It was effective to shake up the Spanish side of the Quantum Fund, and we were able to earn additional profits. We earned additional profits that were more than the amount of the Bumcat acquisition.”

As expected, a person can only afford to have a strong wallet.

Of course, money did not go into CEO Han’s wallet, but he was a CEO who had too much to spare as Taewoo Group’s coffers were full.

“To explain further, Bumcat will not be used only for shale gas development. Bumcat is a company that can develop everything from robots used in rocket logistics centers to equipment for automation facilities in various factories. Even though it is worth 5 trillion won, “This is a company that will stay.”

“If the Chairman has made that decision, I will trust and follow it. Rather, I received a call from David. He said he has developed sufficient relationships with local officials and shale gas development companies in the Texas region.”

It was said that the first preliminary work was completed.

Now it was time to jump into the shale revolution in earnest, and to do that, I had to go to the United States myself.

“It hasn’t been long since I came back from Europe, but it looks like I’m going to the United States. President Han is also going to the United States.”

“There is no need to go to the United States right now. David said he has not yet been able to placate one of the local officials in Texas. I think you can go to the United States in about 15 days. And if the Chairman wants, I am ready to go to Mars with you, even if it is not to the United States. there is.”

Originally, the character wasn’t like this.

He was a boss whose flattery grew as time passed.

“With about 15 days left, it would be time to stop by Centrian.”

“I’m already curious to see what CEO Seo Jeong-jun’s face will look like when we announce that we have secured the rights to produce insulin in Asia.”