The Magician’s Memorial - Chapter 61



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Episode 61 black knight (3)

A fierce battle continued for several days.

My grandfather worked hard to regain control of Taewu Precision using the power of Taewu Group and the government.

But there is no longer any need to waste energy on such things.

Because Ackman Fund announced a hostile takeover of Taewoo Heavy Industries.

In addition, they even held a general shareholders’ meeting and overturned the situation.

Of course, all of this was planned by Dimon, and I was receiving detailed reports from him.

“They completely turned the shareholders’ meeting upside down, right?”

“How much money was spent to bring the Ackman Fund to Korea? “Of course we have to do that, right?”

“How’s the mood?”

“It’s not bad. “As the CEO said, the response from shareholders has been quite positive, perhaps because we attached the condition that it be sold to a Korean company.”

This shareholders’ meeting was a preliminary battle.

It was a time to confirm each other’s intentions and appeal to shareholders for help.

However, at the next general shareholders’ meeting, it would turn into a battle for shares, and winners and losers would be divided depending on shares.

“Have you secured enough shares?”

“We own a 36% stake. Taewoo Group’s stake was actually reduced to 20%.”

Shares of Taewo Heavy Industries held by small and medium-sized affiliates, including Taewoo Precision.

Dimon sold all of the shares and proceeded with the purchase of the shares from Ackman Fund.

Since it was sold at a higher price than the stock price, there was little chance of a problem.

Dimon wasn’t the type of person to make that mistake.

“The stakes are that we have an overwhelming advantage.”

“It is advantageous for us to hold 16% more, but it may be a little risky if the minds of general shareholders turn to Taewoo Group.”

“Will that reduce the 16% gap?”

“The Ackman Fund is working to agitate shareholders, so the 16% gap will not be reduced.”

I was a little anxious.

Things were going so smoothly that I felt anxious.

My grandfather was never the type of person to be treated so gently.

Moreover, since Taewoo Heavy Industries was one of my grandfather’s favorite subsidiaries, there should have been strong opposition.

When you feel so anxious.

Captain Kang hurriedly entered the office.

“CEO! “I think you should watch TV.”

“What happened? no way.”

I immediately turned on the TV.

As expected, my grandfather was raising his voice at the press conference.

After all, you are not the kind of person who will sit still.

[Respected citizens and shareholders. Taewo Group has always worked hard and done its best for the economy of the Republic of Korea. … … America’s financial giants are targeting Korea’s economy. The moment Taewoo Heavy Industries passes over, other companies will also be at risk. Please join forces to protect Taewoo Heavy Industries.]

It was an old man who gave a speech that lasted over 10 minutes.

He even showed tears and poured out words that criticized his patriotism.

“Will that change the situation? You are simply appealing to emotions. “They should have come up with a way to raise the stock price of Taewoo Heavy Industries, which is undervalued, or an innovative technology.”

“It’s because Dimon doesn’t know Korea yet. “He is more effective at stimulating patriotism than with innovative technologies or reform proposals.”

My grandfather was one of the great elders in the business world.

Therefore, he was a person who seemed distant to the public. Such a person is crying and complaining.

It was definitely an effective method.

It was also a method that only someone around the age of a grandfather could do.

“Anyway, the difference in shares is a whopping 16%. Among them, the 15% stake held by government agencies should be considered neutral. The shares released to the market are only 21%. “More than half of the shareholders would have to transfer their shares or give voting rights to Taewoo Group. Would that be possible?”

“The shares held by government agencies will not move.”

I spoke while looking at David, not at Dimon.

He walked out with great leisure.

“That won’t happen. “The American political world has already said something to the Korean government.”

“It won’t be easy for the Korean government to move.”

My grandfather received help from the government for management rights at Taewoo Precision.

Thanks to this, the U.S. government was able to create a number of cases for intervention, and the government would remain completely neutral in the takeover of Taewoo Heavy Industries.

“So you’re saying we only have to worry about general shareholders.”

“Actually, how many shareholders are interested in the general shareholders’ meeting? “Even people who don’t know that they own Taewoo Heavy Industries stocks would account for at least 5%.”

“I don’t think the 16% difference will be overturned, but we must not let our guard down until the end.”

Strangely, my anxious feeling did not go away.

And when Captain Kang came to the office again a few hours later, the anxiety grew even more.

“It is said that Taewoo Group’s affiliates across the country are traveling around to meet shareholders.”

“It looks like they are receiving voting rights.”

“And it is said that a large number of shareholders are visiting the Taewo Group.”

Grandfather’s press conference was also effective.

So much so that shareholders visited Taewo Group in person.

“We can’t just sit still. “Enter a public stock offer with an amount of 10% or more than the current stock price.”

“I will post a notice right now.”

If my grandfather had appealed to his emotions.

I appeal to shareholders with money.

If that didn’t work, I had no choice but to use my hidden secret.

* * *

I returned to Taewoo Electronics.

The moment he entered the president’s office, Vice President Woo Seong-il followed him in, wagging his tail eagerly and boasting.

“There was an instruction from headquarters to secure voting rights. “All employees, including me, took action and secured a significant amount of voting rights.”

It was a vice president who brought with him heavy proxy voting rights documents.

They look at you with a look that asks you to quickly praise them for a job well done.

I’m probably saying this because I don’t know what I’m doing, but from my point of view, I was very angry.

“Thank you for your hard work.”

“The chief secretary said he would come soon and retrieve the voting rights he had secured.”

Just then, the manager visited the president’s office.

I waved the vice president away and greeted the manager with a smile.

“Director, are you going around all affiliates and collecting voting rights? “I don’t ask people below me to do this.”

“It’s important, so shouldn’t I take action myself? Taewoo Heavy Industries could fall into the hands of a strict person.”

The manager was giving off a very serious mood.

He was a person who loved Taewoo Group as much as his grandfather, and his loyalty to the company was superior to anyone else.

“Are we progressing well in securing voting rights? “I heard that in order to protect Taewoo Heavy Industries, a majority of shareholders’ voting rights are needed.”

“It’s a close call, but I think it’s possible. “We were able to quickly secure voting rights due to the large number of stocks owned by Taewo Group employees.”

I overlooked this part.

Well, it’s not strange to buy stocks of the company you work for.

“They say Ackman Fund has even made a tender offer. Do we have the funds to do that?”

“The chairman is looking for funds by visiting banks and Myeong-dong, but it is not easy. “Do you think you could help us borrow funds from Wall Street?”

I could tell from the manager how desperate my grandfather was.

Since he had already held a press conference for the entire nation to see, he could have done more.

“It takes time to raise funds.”

“okay. Then, I think the Chairman will use the company as collateral to raise funds from Myeong-dong.”

“I heard that Myeongdong won’t be accepting cash for the time being. Is that possible?”

“So far, we have provided financing to Chairman Lee of Gwanghwamun, but it seems that he is even thinking of making new deals with other businesses in Myeongdong.”

You even made a deal with Myeongdong using your company as collateral.

Have I pushed myself down too much of a dead end?

My grandfather’s backlash was stronger than I expected, and if things continued like this, the chances of winning the stake battle were getting smaller and smaller.

“Director, you were planning to go to your grandfather with the voting rights documents, right? “I should go with you.”

“Do you have any good solution?”

“I will go to my grandfather and tell him in detail. “I think we may be able to overcome the current situation in an unexpected way.”

I moved to the group headquarters with the manager.

The group headquarters, which was always neat, was as disorganized as a market on a market day.

The same was true in the president’s office. Taewoo Financial employees and legal team employees were coming and going nonstop.

“Chairman, I have returned with Taewoo Electronics voting rights documents.”

“President Kim came too.”

“Chairman, I have something to say quietly for a moment. “Can we please send everyone except the Chief Secretary out for a moment?”

“Why don’t you all go out and see what’s going on?”

The employees left the chairman’s office in perfect order.

As the number of people suddenly decreased, silence came.

My grandfather and the manager were waiting with expectant eyes to see what I would say.

“I went on a business trip overseas last week.”

“I heard the story. But why are you bringing up the story of your overseas business trip?”

“Actually, I came here to meet a friend under the pretext of going on a business trip.”

“Hehe, the group is this difficult, so you secretly came to meet a friend? “Are you your girlfriend?”

My grandfather wanted me to get married as soon as possible.

Since they were a family where hands were very precious, they wanted to see their great-grandchildren as soon as possible.

“I came to meet Muhammad in Saudi Arabia.”

“You had quite a deep connection with the Saudi royal family.”

“I continued to have a relationship with Muhammad during my college days, and Muhammad’s father, Salman, must have liked that and made a suggestion.”

“What are you proposing?”

I paused slightly.

As if he was trying to say something he didn’t want to say.

“Salman asked me if I would like to form an oil company with Aramco, a Saudi state-owned company.”

“You proposed forming a joint venture with Aramco? “But isn’t there already an oil refining company in Korea jointly established with Aramco?”

SS Oil was a joint oil refinery with Aramco.

And Salman wasn’t the first to suggest that I form a joint venture with an oil company.

Of course, I first said that if I were to start an oil refinery company, I would actively support it.

However, since SS Oil already exists in Korea, it would be difficult for Aramco to provide active support, and there was only one way to solve that problem.

“Just take over SS Oil.”

“Are you saying we should acquire a healthy company and do oil refining business with Aramco? SS Group is not as good as Taewoo Group, but it is still a group in the top 20 in the business world.”

“As the third-largest business, we are also on the verge of losing heavy industry, so what is there that SS Oil can’t do? And if we can acquire SS Oil, we can establish Korea’s largest oil refining company.”

“SS Oil won’t be that big, right?”

Although SS Oil is a joint venture with Aramco.

Several companies, including Hyunjae Group, had already entered the oil refining business and were maintaining a high market share.

“SS Oil, Taewoo Chemical, and Taewoo Heavy Industries’ oil refining division are forming a joint venture to create an oil refining company. We have committed to investing from Aramco in line with our scale. “It will be an investment of at least 5 trillion won, and if that happens, we will be able to own the best oil refining company in Korea.”

It was the exact opposite of what I had been doing up until now.

Once an oil refinery company is established, the size of the group grows dramatically.

Nevertheless, the reason I bring this up is because the establishment of a joint venture with Aramco is not taking place right now.

In a word, bullshit.

I was screaming with all my might against my grandfather.

Of course, if everything you say is a lie, your grandfather will know right away.

That’s why I shook my grandfather by mixing lies with the truth.