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CH61 | Heir
🕑 Added 2025-03-29 04:09:21 +0000 UTC
For several days, an intense battle had unfolded.
My grandfather had been tirelessly working, using both Taewoo Group and government influence to reclaim control of Taewoo Precision.
But there was no longer any need for him to waste his energy on that.
Because Ackman Fund had just announced a hostile takeover of Taewoo Heavy Industries.
And they didn’t stop there—they immediately convened a shareholders' meeting to shake things up.
Of course, this was all part of Dimon’s plan, and I was receiving detailed reports from him.
“You completely overturned the shareholders' meeting, didn’t you?”
“Do you know how much money it took to bring Ackman Fund all the way to Korea? Of course, we had to make it worth their while.”
“What’s the atmosphere like?”
“Not bad. Just like you suggested, adding the condition that we would sell to a Korean company has been well received by the shareholders.”
This shareholders' meeting was merely the opening battle.
A chance for both sides to gauge each other’s intentions and appeal to the shareholders.
But the next meeting would escalate into a full-blown battle over shares, where winners and losers would be determined by ownership stakes.
“Have you secured enough shares?”
“We currently hold 36%. Meanwhile, Taewoo Group’s stake has dropped to just 20%.”
The shares of Taewoo Heavy Industries that had been held by Taewoo Precision and other smaller subsidiaries—
Dimon had liquidated all of them, arranging for Ackman Fund to purchase those shares.
Since they were sold at a premium above market value, there was little room for controversy.
And Dimon wasn’t the type to make mistakes.
“So we have a significant advantage in shares.”
“We’re ahead by 16%, so yes, we have the upper hand. But if the general shareholders rally behind Taewoo Group, things could get tricky.”
“Even so, could they really close a 16% gap?”
“Ackman Fund is actively working to sway shareholders, so I doubt the gap will shrink.”
Still, I felt uneasy.
Everything was going too smoothly. And that in itself made me nervous.
My grandfather wasn’t someone who would just accept defeat.
Especially when it came to Taewoo Heavy Industries, one of his most prized subsidiaries—his resistance should have been far stronger.
Just as my unease was growing, Captain Kang burst into the office in a rush.
“Sir! You need to turn on the TV right now.”
“What’s going on? Don’t tell me…”
I immediately turned on the TV.
And just as I expected—
There he was, my grandfather, standing at a press conference, his voice raised.
Of course, he wasn’t going to sit back and do nothing.
[Respected citizens and shareholders, Taewoo Group has always worked tirelessly for the prosperity of Korea’s economy. …But now, a massive American financial force is threatening our nation’s economy. If Taewoo Heavy Industries falls, other companies will be at risk as well. Let’s unite and protect Taewoo Heavy Industries together.]
It was a speech that went on for over ten minutes.
He even shed tears as he delivered impassioned words, stirring national pride.
“Do you think that’ll change anything? He’s just appealing to emotions. He should have come up with a way to raise Taewoo Heavy Industries’ undervalued stock price or presented some groundbreaking technology instead.”
“You still don’t understand Korea, Dimon. In this country, appealing to patriotism works far better than innovation or reform.”
My grandfather was one of the most respected figures in the business world.
To the public, he had always been a distant, unreachable figure.
But now, there he was, shedding tears as he pleaded his case.
It was undeniably effective.
And it was a tactic that only someone of his stature could pull off.
“No matter how compelling his speech is, there’s still a 16% gap in shares. Plus, 15% of that is held by government institutions, which are likely to remain neutral. That leaves only 21% in circulation.”
“For him to win, more than half of those shareholders would have to sell their shares to Taewoo Group or hand over their voting rights. Do you really think that’s going to happen?”
“The government-held shares won’t be moving, will they?”
I directed my question not to Dimon, but to David.
He stepped forward leisurely, exuding confidence.
“That won’t happen. The U.S. political circles have already sent a message to the Korean government.”
“So the Korean government won’t be able to make any rash moves.”
Grandfather had relied on government support to regain control of Taewoo Precision.
Because of that, the U.S. government now had grounds to intervene, ensuring that the Korean government remained strictly neutral in the Taewoo Heavy Industries acquisition battle.
“So that means we only need to focus on the general shareholders.”
“Honestly, how many of them even care about the shareholders' meeting? I’d bet at least 5% don’t even realize they own Taewoo Heavy Industries stock.”
“I also don’t think a 16% gap can be overturned, but we can’t let our guard down.”
Yet, the uneasy feeling gnawed at me.
And when Captain Kang rushed into my office again a few hours later, my anxiety only intensified.
“Taewoo Group’s subsidiaries across the country are meeting with shareholders.”
“They’re securing voting rights, then.”
“And a significant number of shareholders are voluntarily seeking out Taewoo Group.”
Grandfather’s press conference had been incredibly effective.
To the point where shareholders were actively reaching out to Taewoo Group.
“We can’t just sit back and watch. Initiate a tender offer at a price at least 10% above the current stock value.”
“I’ll post the public notice right away.”
If Grandfather was appealing to emotions—
Then I would appeal to shareholders with money.
And if that still wasn’t enough, I had a hidden ace up my sleeve.
I returned to Taewoo Electronics.
The moment I entered the president’s office, Vice President Woo Sung-il followed closely behind, practically wagging his tail as he boasted.
“We received orders from headquarters to secure voting rights. I, along with all the employees, have been working hard to obtain a significant number of proxies.”
He handed over a thick stack of proxy voting agreements.
His eyes practically begged for praise, eager for recognition.
He had no idea what I was actually doing behind the scenes.
And from my perspective, his actions only made my blood boil.
“You’ve worked hard,” I said, forcing a smile.
“The chief secretary will be coming soon to collect the secured voting rights.”
Right on cue, the chief secretary entered my office.
I gestured for the vice president to leave before greeting the chief secretary with an intentional smile.
“Are you personally going around collecting the voting rights from all subsidiaries? You’re not delegating this?”
“This is too important to leave to others. Taewoo Heavy Industries could end up in the wrong hands.”
His expression was grave.
He loved Taewoo Group almost as much as Grandfather did—his loyalty to the company was unmatched.
“How’s the voting rights acquisition going? I heard we need a majority of shareholder votes to keep Taewoo Heavy Industries under Taewoo Group.”
“It’s close, but I believe we can secure enough. Many Taewoo Group employees hold company shares, which made it easier to gather votes quickly.”
That was a factor I had overlooked.
Of course, it wasn’t unusual for employees to buy stock in their own company.
“Ackman Fund has also launched a public tender offer. Do we have enough capital to counter that?”
“The chairman has been trying to secure funds from banks and financial institutions in Myeong-dong, but it hasn’t been easy. Would you be able to leverage Wall Street connections to raise funds?”
Through the chief secretary, I could tell just how desperate Grandfather was.
He had already held a press conference broadcasted nationwide—there was no telling what else he might do.
“Securing funds will take time.”
“I see. Then the chairman will likely use the company as collateral to secure funds from Myeong-dong.”
“I heard Myeong-dong isn’t releasing cash for now. Will it be possible?”
“Until now, he’s been getting funds from Chairman Lee in Gwanghwamun, but it seems he’s considering opening new deals with other financiers in Myeong-dong.”
Using the company as collateral to negotiate with Myeong-dong financiers...
Had I pushed him too far into a corner?
Grandfather’s resistance was stronger than I had anticipated, and at this rate, my chances of winning the stock battle were steadily shrinking.
“Chief Secretary, you were planning to take the proxy voting documents to Grandfather, correct? I’ll go with you.”
“Do you have a plan?”
“I’ll explain in detail once we meet him. There might be an unexpected way to break through this situation.”
I headed to the group headquarters with the chief secretary.
The usually pristine headquarters now resembled a bustling marketplace.
Even the chairman’s office was in chaos, with Taewoo Financial and legal team employees rushing in and out.
“Chairman, I’ve returned with the proxy voting documents from Taewoo Electronics.”
“You brought President Kim along as well.”
“Chairman, I have something to discuss privately. Would it be possible to clear the room, except for the chief secretary?”
“Everyone, step out and take care of your work.”
The employees exited the chairman’s office in perfect coordination.
The sudden absence of people brought an eerie silence.
Grandfather and the chief secretary looked at me expectantly, waiting for me to speak.
“I went on an overseas business trip last week.”
“I heard. But why bring that up now?”
“The truth is, I used that trip as an excuse to meet a friend.”
“Hah! The company is going through a crisis, and you sneaked off to meet a friend? Was it a girlfriend, by any chance?”
Grandfather had been eager for me to marry.
With our family lineage being so precious, he was eager to see great-grandchildren as soon as possible.
“I went to see Muhammad in Saudi Arabia.”
“You do have quite a deep connection with the Saudi royal family.”
“I’ve maintained my friendship with Muhammad since our university days, and his father, King Salman, has taken a liking to that. In fact, he made me an offer.”
“What kind of offer?”
I paused for a moment.
As if I were about to say something I didn’t want to.
“King Salman asked me if I had any interest in establishing a refinery in partnership with Saudi Aramco.”
“He proposed a joint venture with Aramco? But doesn’t Korea already have a refinery that was formed as a joint venture with them?”
SS Oil was the refinery company co-founded by Aramco in Korea.
And it wasn’t King Salman who initially suggested forming a joint venture with me.
However, he had previously stated that if I were to establish a refinery, he would actively support it.
Still, given SS Oil’s existing partnership with Aramco, it wouldn’t be easy to secure their full backing.
There was only one way to resolve that issue.
“We just have to acquire SS Oil.”
“You want to acquire an already established company just to enter the refining business with Aramco? SS Group may not be as big as Taewoo Group, but it’s still ranked within the top 20 conglomerates.”
“We’re on the verge of losing Taewoo Heavy Industries, despite being the third-largest conglomerate. What makes you think SS Oil is untouchable? If we can acquire SS Oil, we can create Korea’s largest refining company.”
“Is SS Oil really that big?”
Even though SS Oil was a joint venture with Aramco, multiple companies—including Hyundai Group—had already entered the refining business and maintained high market shares.
“We’ll combine SS Oil, Taewoo Chemicals, and Taewoo Heavy Industries’ refinery division to form a new refining company. Aramco has agreed to invest in a venture of this scale. The investment will be no less than 5 trillion won, and with that, we’ll hold Korea’s largest refinery.”
This move was the complete opposite of everything I had pursued so far.
If the refinery were established, the group’s scale would grow exponentially.
Yet, I was saying this because the joint venture with Aramco wouldn’t materialize immediately.
In other words, this was a bluff.
I was feeding Grandfather an audacious lie.
Of course, if my entire statement were false, he would see right through me.
That’s why I mixed truth with deception, shaking him to his core.
