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CH94 | Heir
🕑 Added 2025-04-09 02:13:49 +0000 UTCThe meeting place with CL Group's Chairman Go Seung-taek was, of course, a traditional Korean restaurant in Cheongdam-dong.
"Nice to meet you. I'm Go Seung-taek of CL Group. You’re even more impressive in person than I’d heard."
"It’s truly an honor to meet you. I’m Kim Min-jae, Managing Director of Taewoo Group."
After a brief exchange of pleasantries, the meal began.
Perhaps because of his aristocratic background, Go Seung-taek refrained from conversation during the meal, focusing entirely on the food.
It wasn’t until the table was cleared that he finally brought up the main topic.
"I hear you’re interested in a big deal with CL Group. Are you really willing to trade Taewoo Card and the department store?"
"Shouldn’t we do our best to align with the government’s policies?"
"Chairman Kim has always had a keen interest in the telecommunications sector. But I don’t understand why you're after our battery division."
Everyone expected the secondary battery market to grow.
Go Seung-taek himself had anticipated this trend, which was why he had established CL Group’s battery division to develop next-generation batteries.
Still, he didn’t believe the battery business was more valuable than Taewoo Department Store.
"I plan to enter the battery business in earnest. We’ve already secured a partnership with Japan’s TDK battery division."
"If you’ve partnered with TDK, wouldn’t that make CL Electronics’ battery division unnecessary for you?"
"It's about scaling up. Plus, the government is more inclined to favor companies that invest in new industries, isn’t it? That’s why we need CL Group’s battery division."
A silent power play.
The hidden meaning in my words was clear:
If I couldn’t acquire CL Group’s battery division, I would use my overwhelming capital to flood the Korean battery market, crushing the competition.
A threat only Taewoo Group could make.
With a debt ratio of 0%, Taewoo Group had far more available cash than any other conglomerate, and Chairman Go Seung-taek knew that all too well.
"The battery division isn’t the main point of this deal, so let’s move on. But I must say, I never expected Chairman Kim to give up Taewoo Card. Taewoo Securities may be doing well with its funds, but a credit card company is a cash cow, isn’t it?"
"It was a decision we could afford to make because our fund is doing so well. The competition for the No.1 spot in the industry is fierce, and we want to step away from that race."
The No.1 credit card company in Korea was CL Card.
However, its lead was not overwhelming, meaning it could lose its position at any time.
The second-largest company in the industry was Hyunjae Card.
Since Hyunjae Motors offered discounts to customers who used Hyunjae Card to purchase vehicles, its user base was expanding rapidly.
"Are you saying you’re willing to give up the competition with CL Card?"
"That’s correct. To be completely honest, Hyunjae Card has already approached us with an acquisition offer. If Taewoo Card and Hyunjae Card merge, wouldn’t that shake up the industry rankings?"
That part wasn’t a lie.
Hyunjae Card had subtly expressed its interest in acquiring Taewoo Card.
If they succeeded, they could overtake CL Card and become the new market leader. Their interest was only natural.
"Are you threatening to hand Taewoo Card over to Hyunjae Card?"
"This isn’t a threat—it's a negotiation. I just feel like you're undervaluing Taewoo Card, Chairman."
"I would never underestimate Taewoo Card. As Taewoo Motors’ sales increase, its credit card subscribers will naturally grow as well."
"If CL Group acquires Taewoo Card, we’re also willing to offer exclusive discounts on Taewoo Motors vehicles. Of course, CL Group would have to cover the discounted amount."
It was an offer CL Group would find hard to resist.
Now that Taewoo Motors had even acquired Kia Motors, its annual sales were bound to skyrocket.
And if customers could only receive Taewoo Motors discounts through CL Card, its subscriber base would inevitably surge.
"So, you're asking us to engage in a price war with Hyunjae Group. Meanwhile, Taewoo Group plans to sit back and reap the rewards?"
"If a battle is inevitable, shouldn’t you fight on favorable ground? The credit card industry is where CL Group has the upper hand."
"It seems Taewoo Group is truly determined to surpass Hyunjae Group and become the top conglomerate. Are you so desperate for the No.1 spot that you’d stir up a war to get there?"
Chairman Go Seung-taek had misunderstood.
He believed Taewoo Group was transferring its card business solely to check Hyunjae Group’s power.
Well, it wasn’t an entirely incorrect assumption.
The moment Taewoo Card was handed over to CL Group, Hyunjae Group would inevitably respond aggressively, even at the cost of severe financial losses.
"Are you saying you want to avoid this fight? But Hyunjae Group was the one who provoked it first. Didn’t they steal CL Semiconductor right from under you?"
"Hmph, that’s a bit of an exaggeration."
I deliberately made a provocative remark.
The more Go Seung-taek misunderstood, the better.
"If my words were excessive, I apologize. But this big deal between CL Group and Taewoo Group is mutually beneficial. If you compare market capitalization, revenue, and net profits, it's a nearly equal trade."
"That may be true for now, but once we enter a price war with Hyunjae Group, the calculations will change."
"That’s a choice you’ll have to make, and I don’t consider it a valid negotiation point. If you choose to avoid the competition, that actually works in CL Group’s favor."
I kept emphasizing the rivalry to mask my true intentions.
The future of the battery and telecommunications industries was what really mattered.
And in the long run, this deal would benefit Taewoo Group immensely.
But I was the only one who could see that future.
Meanwhile, CL Group was in a desperate position—they couldn't afford to turn down Taewoo Card, which would generate immediate cash flow.
As the saying goes, "Spare the rod, spoil the child."
CL Group was itching for a fight with Hyunjae Group, and I was simply laying out the perfect battlefield for them.
"Haha, I initially came to meet you because my wife suggested it, but things have escalated quite a bit."
"Well, isn't that only because you wanted them to, Chairman?"
Chairman Go Seung-taek’s tone had changed.
It was clear he had made a major decision in his mind.
"I’ll accept your proposal for the big deal. The details will be left to the working-level teams. For now, let’s just enjoy a drink together."
"If it’s a drink from you, Chairman, of course, I must accept."
Was this what a true leader looked like before heading into battle?
Go Seung-taek was taking a drink to prepare himself for the fierce competition with Hyunjae Group in the credit card industry.
The detailed negotiations progressed quickly.
Taewoo Securities, the Planning Office, the Secretary’s Office, and the Legal Team were all mobilized to ensure everything was ironed out.
And today, the moment had finally arrived.
With journalists gathered, my grandfather and Chairman Go Seung-taek shook hands and officially announced the big deal.
I watched the scene on TV alongside the Director of the Planning Office.
Only after the press conference ended did I return to my work.
"From today, CL Telecom is officially Taewoo Telecom."
"Congratulations. This deal was made possible thanks to your efforts, Director."
"The congratulations should go to the Chairman. He’s the one who wanted a telecom company so badly. But don’t you think CL Telecom alone isn’t enough to compete with KS Telecom?"
Even though we had acquired a telecom company, KS Telecom still held an overwhelming market share in Korea.
"KS Telecom has a dominant position. At the moment, it seems difficult for CL Telecom to surpass them."
"If we want to beat 011, we need to add 017 to 019 to make it a fair fight."
KS Telecom’s assigned mobile number prefix was 011.
CL Telecom was assigned 019.
And 017 belonged to Shinsegae Telecom.
"Are you suggesting we acquire Shinsegae Telecom?"
"Isn’t the timing just right? Shinsegae Telecom’s shares are divided among several major corporations, so there’s plenty of justification for another big deal."
Shinsegae Telecom had originally belonged to KS Group.
However, due to political issues, KS Group had been forced to relinquish its ownership.
Currently, the company’s shares were split between Ko-Oron and Pohang Steel.
"It’s possible, but it will require a significant amount of capital. This won’t be a corporate exchange deal—it will have to be done with cash and equity swaps."
"If money can solve a problem, then it’s the easiest kind of problem to handle. Every company needs U.S. dollars right now. If we offer to buy their shares with dollars, we might be able to acquire it at a lower price than expected. Give it a try."
During the financial crisis, there wasn’t a single major corporation that wasn’t struggling.
In this situation, if we offered to buy a company they weren’t even actively managing—in cash—they would likely jump at the opportunity.
"I’ll begin negotiations with Ko-Oron and Pohang Steel."
"Don’t be too aggressive. Just float the idea subtly. And if we manage to acquire Shinsegae Telecom, the government won’t be able to challenge our position in the telecom industry."
Taewoo Group did have a telecom company of its own.
But compared to other firms, its scale was small.
Even after acquiring CL Telecom, the government still didn’t see it as a properly structured big deal.
But if we also acquired Shinsegae Telecom?
Rising straight to second place in the industry would eliminate any grounds for government intervention.
"I’ll proceed as quickly as possible."
"Oh, by the way—do you like Coca-Cola?"
"Pardon? Ah… I’m not particularly fond of carbonated drinks."
I reached into the mini-fridge and pulled out a can of Coca-Cola.
Click! Hiss!
Popping the tab open, I took a refreshing sip.
"I’ve always liked Coca-Cola since my time in the U.S. That’s why I want our company to secure the distribution rights for Coca-Cola in Korea."
"I wasn’t aware you were considering the beverage business as well."
There was a reason I suddenly brought up Coca-Cola.
While negotiating the big deal with CL Group, I had recalled something important—
In my previous life, CL Group had held the exclusive distribution rights for Coca-Cola in Korea, generating a steady stream of profit every year.
Of course, it wasn’t a large-scale business by my standards.
But this wasn’t just about Coca-Cola—I was planning to expand Taewoo Distribution through multiple ventures.
"If you look at it broadly, yes, it’s part of the beverage business. But it’s more than that—I also plan to introduce Starbucks to Korea."
"I’m sorry, but I’ve never heard of a company called Starbucks."
"It’s a well-known coffee chain in the U.S."
"Taewoo Group and a coffee franchise don’t seem like a natural fit."
That was one way to look at it.
But if a business was profitable, why wouldn’t I take it?
"If it doesn’t seem like a fit, we’ll make it one. It’ll definitely enhance our corporate image as well."
"Understood. I’ll reach out to Starbucks and make contact."
"Ah! No need for that. I’ve already sent someone. A close associate of mine, who has strong connections with American entrepreneurs, is already in talks with Starbucks."
David was an expert at things like this.
He had built solid relationships not just with American politicians, but also with celebrities and business leaders.
If there was ever a time to put him to use, it was now.
