The Magician’s Memorial - Chapter 60



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Episode 60 black knight (2)

Now Salman was living as a gentle royal.

But does that mean he doesn’t have a desire to become king?

I gave him Peter the Great’s sword as if I understood his feelings, but Salman accepted the sword while hiding his desire.

“Hehe, I see you brought a very precious gift. “It must be something that is not easy to obtain.”

“When I meet Salman, how can I bring a gift that is easy to obtain? “I brought Peter the Great’s sword because I thought it was the most suitable gift for Salman.”

Obtaining Peter the Great’s sword was not easy.

In some ways, this was possible thanks to David’s friendliness.

I had been supporting Putin, who would become the ruler of Russia, for several years now, and he was gradually approaching the center of power.

Putin was now the most powerful person in Russia.

Through him, I was able to obtain Peter the Great’s sword.

Compared to the amount of support given to Putin so far, Peter the Great’s sword was not that expensive.

“You thought Peter the Great’s sword suited me best? “Can I ask why?”

“The greatest king in Russia is Peter the Great. I think Salman is that kind of person too.”

“Hehe, it’s like putting gold on your face.”

It was Salman who took out Peter the Great’s sword made from a meteorite.

Although it was very faint, desire leaked out from his eyes as he looked at the sword.

“Hmm, now you are the CEO of a company? “I heard from Chairman Kim that you graduated from college in the United States.”

“Currently, I am the president of Taewoo Electronics. “And while I was attending college in the United States, I made many good friends, and I’d like to introduce you to one of them.”

David, who was standing blankly as if he were a sack of barley, was pushed forward.

Although he was understandably embarrassed, he slyly bowed and bowed to Salman.

“This is David from SAVE Investment Company. “It is an honor to meet the Saudi royal family.”

“You must be from Wall Street. “I was in charge of the Saudi sovereign wealth fund for a while, so I know Wall Street well.”

The fund handling hundreds of trillions of dollars was the Saudi sovereign wealth fund.

No matter how much money is flowing on Wall Street, if you look at a single fund, there is no other fund with more operating funds than the Saudi Arabian sovereign wealth fund.

“I know the Saudi sovereign wealth fund well. “I heard that the investment is mainly for domestic development in Saudi Arabia.”

“If you have a good investment destination, please let me know. haha.”

Is it because of Peter the Great’s sword?

We were able to continue our conversation in a very friendly atmosphere, and I used it as an opportunity to further increase my intimacy with Salman.

* * *

two days later.

I returned to Korea from Saudi Arabia.

It was a trip to Saudi Arabia where he had received sufficient compensation, and while I was away, Dimon was steadily executing the plan to acquire Taewoo Heavy Industries.

“Representative, all preparations are now complete. “We will begin a hostile takeover of Taewoo Precision Parts and its three affiliates today.”

“Have you secured enough shares?”

“Perhaps because it was a small or medium-sized subsidiary, its shareholding structure was very weak. There is no need to enter into a tender offer. “We plan to collect the shares scattered in various places into one place and then make a public announcement.”

Equity wasn’t everything.

The management had to be replaced through a general shareholders’ meeting, and the consent of other shareholders and government approval had to be obtained.

“You don’t have to take over the company, but you must take over the Taewoo Heavy Industries shares held by small and medium-sized affiliates.”

“Please just leave it to me. We decided to seek help from a famous activist fund in the United States. “Although the situations in the U.S. and Korea are very different, I don’t expect there to be any major difficulties.”

Activist funds were funds that aimed to maximize shareholder value.

To put it simply, the stock price was not rising due to the current management, so they claimed that if they left it to us, they would raise the stock price.

What shareholder wouldn’t like seeing stock prices rise?

But there was one thing he didn’t know.

“The situation will be very different in Korea. Korean people are very patriotic. “I don’t like losing companies to foreign funds.”

“Are you saying that shareholders are patriotic?”

“Because our country has been invaded by foreign powers so many times throughout its history, this tendency is strong. So, use an activist fund, but put a condition on selling the company first to a Korean company, not a foreign one.”

It was a problem that did not have to stimulate patriotism.

The problem could be solved by raising the stock price but not handing over the company to a foreign country.

Well, if a foreign exchange crisis occurs, many companies will be sold abroad anyway, but now this method had to be used.

“I will definitely include that condition.”

“Then when will you hold the general shareholders’ meeting?”

“We plan to hold it this Friday at the latest. “The more time it takes, the more variables will arise.”

“After the acquisition of small and medium-sized affiliates, please immediately begin the acquisition of heavy industries.”

“As soon as the shares are secured, we will move immediately. “I think I can give you good news as early as next week.”

Dimon was confident.

But things will not go as easily as he thinks.

To prepare for something like this, Korean businessmen are providing a lot of kickbacks to politicians.

* * *

Dimon moved quickly.

SAVE Investment Company announced that it is the majority shareholder of three small and medium-sized affiliates of Taewo Group.

They even mobilized activist funds to steer the general shareholders’ meeting to their advantage.

I just watched it from behind.

I could only watch from the side as my grandfather vented his anger even at home.

“Rotten bastards! How dare you invade our company! “He’s someone I can’t chew on enough.”

“Grandpa, please have a glass of water first.”

Gulping down the water, the grandfather drank it in one go.

And then boom! He placed the water glass on the table so strongly that it was surprising that it did not break.

“You’ve probably heard of it since you’re on Wall Street. It’s Aakman. “Taewoo Financial said they are famous for activism or something.”

“Yes, I’ve heard it a few times. They say they are really terrible people. “It is definitely not a fund to be taken lightly.”

“That’s right, they are just playing with money. “It may work in the U.S., but do you think it will work in Korea?”

In this operation, Aakman served as a cannon fodder.

Ackman Fund was leading all issues, and SAVE Investment Company was hiding behind it.

In case my relationship with SAVE Investment Company could be revealed, I set up a shield for Ackman.

“As far as I know, I heard that the Ackman Fund only moves if it holds something certain.”

“If it’s something that’s certain, what are you talking about?”

“It is said that they move after holding more shares than the majority shareholder or securing weaknesses such as embezzlement or corruption of the majority shareholder. “There are many cases where we hold both stakes and weaknesses in our hands.”

“… … .”

Grandfather paused for a moment.

It seemed like he was thinking about what kind of corruption he had committed.

Originally, in cases of embezzlement or corruption, it was often a nose ring if worn on the nose and an earring if worn in the ear.

There are many cases where things that were not problematic in the past become problematic over time, so you can imagine this happening quite a bit.

“To be honest, I hope we resolve this issue by negotiating well rather than fighting with Aakman.”

“I want to do that too, but they already held a general shareholders’ meeting and fired the CEO of Taewoo Precision and installed their own person. “If you were someone you wanted to talk to, you would never have moved like that.”

“So what do you plan on doing? “Is there a good way?”

“I need to get help from the government. “Thanks to you, haven’t we already put a debt on the government?”

You were talking about the department store collapse.

In order to prevent the relationship between Hyunjae Group and the government from getting better again, I mobilized all of Taewoo Construction to resolve the situation.

Only then will Hyunjae Group continue to be regulated by the government and cannot receive loans from banks.

That became a problem.

As Hyunjae Group became more distant from the government, Taewoo Group became closer.

My grandfather already maintained good relationships with all government officials, but those relationships became even closer after the department store collapse was resolved.

“Isn’t it too much to get help from the government to save a small affiliate like Taewoo Precision?”

“Are you saying it’s like slaughtering a chicken with a cow-killing knife? No matter how small Taewoo Precision’s affiliate is, it is an affiliate created by me. “If someone else is trying to steal what is mine, shouldn’t I lend a hand to someone?”

I really feel sorry for my grandfather.

I was spying now.

After figuring out how my grandfather would move, I informed Dimon and helped him develop a plan to deal with it.

“When you say government help, where do you refer?”

“It would be nice if the president himself stepped forward, but it would be difficult to get there. I guess I should ask the Economic Planning Board for help. Since the Deputy Prime Minister is also serving as the Director of the Planning Agency, even the hyenas of Wall Street will not be able to move easily.”

You’re moving the Economic Planning Agency, right?

It wasn’t a bad choice for me.

If you ask the government for help, you may be able to get Taewoo Precision Parts back.

Before that, Dimon will sell Taewo Heavy Industries shares owned by Taewoo Precision.

If that happens, it will be difficult for the grandfather to receive help from the government in the main game, the Taewoo Heavy Industries takeover battle.

It would be difficult for the government to provide help one after another.

I return Taewoo Precision, which has been stripped of its essence, to my grandfather and take over Taewoo Heavy Industries.

“But the management rights of Taewoo Precision have already been taken over by the Ackman Fund. “I heard that they are already pushing for restructuring and reform, do you mind?”

“But I still have to get it back. “Once we get the company back, we just have to restore everything to its original state.”

“I wish I could sell my grandfather’s shares of Taewoo Precision Parts to Ackman at a high price. “With that money, we could acquire a better company or build a new factory.”

“Money can be found anywhere. But rebuilding a company takes time and effort.”

As expected, it was difficult to convince my grandfather at this level.

I didn’t really have the heart to persuade my grandfather.

Regardless of whether the small affiliates survived or not, my goal was to sell Taewoo Heavy Industries.

* * *

next day.

I told Dimon exactly what my grandfather had planned.

“As expected, you had a plan to move the government. “Korean companies say they are close to the government, but they even question legitimate acquisitions.”

“As long as I get shares in Taewoo Heavy Industries, I don’t mind giving back the company. Of course, it would be better if the company was completely acquired.”

“I think we can completely take over Taewoo Precision Parts by using the data on Chairman Kim’s corruption that the CEO gave me. “It seemed like something that would cause a lot of trouble if it were to be spread to the media.”

“Korean media is also business-friendly. “It won’t be easy to spread it.”

“Why not just threaten to use the American media? So, I would like to mobilize a few reporters from American media outlets during the upcoming negotiations. David knows quite a few reporters.

I can confidently say that I know more about my grandfather’s corruption than anyone else.

In my past life, I researched Taewoo Group and my grandfather for nearly 20 years.

I recorded in my head all the cases that would later be revealed by the prosecution and the National Tax Service.

That said, the truly decisive case of corruption has not yet been reported to Dimon.

Because it was too good a card to use to acquire Taewoo Heavy Industries.