Chapter 690: Chapter 690: Not Ready for a Conversation Yet
Of course, just because Chevron is listed on the New York Stock Exchange doesn't mean I could endlessly buy its shares.
Still, I was confident I could secure enough shares to block this man's path.
"If Dream High becomes the largest shareholder, I could probably bring down one of its directors, like Michael. Should we give it a try?"
"..."
My calm words made Michael's eyes tremble.
"Do you think I can't do it? It seems Assistant Rice didn't explain me correctly. I crush anyone who perceives me as an enemy, even at great personal cost."
"..."
"Michael, threats are only for those with weaknesses or for when I hold overwhelming power over my opponent. Otherwise, it's worse than shouting into the void."
"Charlie, are you serious about what you just said?"
I thought he was smart, yet he was still clinging to his pride.
"I'm serious. I could start buying shares right now if I made a call."
"…I just wanted to suggest we cooperate for mutual benefit."
I raised one corner of my mouth in a mocking smile.
If this was truly the consensus of Chevron's board, they wouldn't be resorting to such pathetic threats.
They would've tried to pressure me first, then initiated a conversation.
"Michael, was your statement today the view of the Chevron board, or just your own?"
"..."
"This was your personal opinion, wasn't it? You mentioned only a few people knew about the exploration at Seven Islands. You planned to gain leverage within Chevron by getting the information on the exploration first."
This situation stemmed entirely from Michael's ambitions. Someone must have fueled his aspirations.
Michael had claimed he learned about the Seven Islands exploration while researching Yugansk Oil.
But I was sure this information had leaked through Japan.
Michael was also the marketing head for Asia and had been discussing business in Japan for years.
So, gathering information hadn't been difficult.
The estimated reserves at the Seven Islands site were substantial. If he could manage to solidify even the smallest stake there, Michael's influence within Chevron would significantly increase.
"If you want to use me, you should negotiate instead of resorting to threats. Weak threats won't work on me. I say what I want to say in front of the U.S. President, the Russian President, and the Chinese Premier. Yet, here comes one mere Chevron director trying to intimidate me."
Chevron. No, while it would be tough to fight the entire oil cartel, it would be equally challenging for the cartel.
For them, if they could use Michael as a sacrificial pawn to ally with me, they would gladly throw him to the wolves.
"Do you now understand what you've done? You've dared to throw a pathetic threat at me. Do you really think I'm scared of you? Not a chance. It might take longer and be more troublesome, but I will get the oil pipeline built and develop the Seven Islands. I've made up my mind."
Michael merely bit his lip in silence, unable to respond.
"Up until now, you've used your position as a Chevron director to press others down, haven't you? That's your downfall. You should've known when to restrain yourself. Thanks to that, I'm not having a pleasant time. I thought I was finally engaged in a proper dialogue after a long time."
I purposely shook my head exaggeratedly.
"If you'd asked me honestly to help instead of threatening, I might have given it some thought. I would have been glad to create ties with Chevron and the oil cartel. Didn't you investigate me enough to know why you're being so rude?"
"…I just thought it was possible that such a thing could happen. It wouldn't be beneficial for you otherwise."
Before Michael finished, I burst into loud laughter.
After laughing for a while at his bewildered expression, I quickly wiped the smile from my face and said,
"You're clearly not prepared for a real conversation yet. You should leave now."
"Charlie."
"I already said you should go. This isn't a second chance. Find out more about who I am, and then reach out again. When you're ready for a conversation, we can arrange a meeting then."
After finishing my words, I shot a glance at Manager Ma, who was standing resolutely at the study door.
Manager Ma immediately approached Michael and said,
"Michael, it's time for you to leave."
Michael glanced at Manager Ma once before getting up without protest.
"…I'll contact you again."
With those parting words, Michael turned away.
After Manager Ma escorted Michael out, he returned.
"Rumors about the Seven Islands will likely spread quickly throughout the oil industry. We need to move fast before more people try to interfere or get involved. Once the North Korea business wraps up, I'll head straight to Japan."
"Understood, Boss. I'll prepare accordingly."
"And… what do you think of that guy? Do you think he's worth using? He looks like he could be a loyal dog with some grooming."
I liked ambitious people. Ambition is what drives people to act.
If he were a person without ambition, he wouldn't have come looking for me; he would've taken the information to the Chevron board instead.
And he probably would have preferred to partner with the oil cartel, pressuring both the South Korean and Japanese governments to participate in the exploration.
What I saw in Michael was a man brimming with ambition.
That's why he would eventually rise to become the chairman of Chevron.
He probably tried to intimidate me to get what he wanted, thinking he could then leverage that to expand his influence within Chevron and the oil cartel.
"It seems like he could be used if you wanted to utilize him."
Another straightforward answer came back. But seeing that Manager Ma, with his keen eye for people, didn't oppose it, he must have shared the same thoughts as me.
"Keep an eye on the people who just entered the country. Find out what conversations are happening and who they're meeting."
"Understood."
It was more appealing to know that Michael wasn't a person without any ambition.
Dealing with someone with no ambitions was much more challenging for me.
I looked down at Michael's empty coffee cup and chuckled softly.
"Let's wait and see when he contacts us."
* * *
Several days had already passed since I met Michael.
Michael had executed his schedule as planned, with no unusual occurrences reported.
Even eavesdropping on their accommodations yielded nothing significant.
"Manager, has the entry permit for North Korea been issued?"
"Yes. Starting next week, we have approval for entry for a total of eight people, including the Boss, me, and the bodyguards, for one week."
Hearing Manager Ma's briefing brought back memories of my first trip to North Korea.
I nodded and communicated additional instructions.
"Make arrangements to stop by the Kaesong Industrial Complex on the way, so we can check out the construction site. Get in touch with the North Korean government through our hotline, too."
"Yes, Boss."
Manager Ma nodded and handed me the documents he had in his hands.
"Here's the list of major shareholders of Chevron you requested."
Opening the envelope Manager Ma handed me, I found a single sheet of paper inside.
"Vanguard holds the most shares, followed by State Street Corporation."
Chevron's history parallels that of U.S. oil companies.
The Standard Oil company, founded by John D. Rockefeller, was Chevron's predecessor.
He transformed Standard Oil into a company that catered to approximately 90% of the world's crude oil supply.
But perhaps due to its oversized presence, Standard Oil monopolized the market, leading to various malpractices.
Consequently, the U.S. government enacted antitrust laws, which prompted the dissolution of Standard Oil into thirty-four separate companies.
The companies, which had been broken apart, over a century, repeatedly merged and split again.
Most of the major oil companies today either acquired companies that separated from Standard Oil or grew larger on the same basis.
Chevron itself was a company formed after the California Standard Oil was dismantled and reorganized.
"Rockefeller was indeed remarkable."
He swiftly entered the oil business even before oil's significance was recognized.
As a result, he monopolized the global oil market.
Though it's easy to say, it was undeniably a legendary achievement, looking back now.
Even today, the descendants of Standard Oil continue to lead the oil market, showcasing Rockefeller's enduring influence.
His family remains an influential line in the U.S.
However, even the Rockefeller family does not own Chevron.
Following the dissolution of Standard Oil, Rockefeller no longer participated in its management, and over time, Chevron's ownership transitioned to its shareholders.
The ownership of Chevron was widely distributed among institutional investors, mutual funds, and individual investors.
"Vanguard Group has about 7%. State Street Corporation holds about 6%, and Fidelity Investment around 5%…"
There were no corporations or individuals holding over 10% of the shares.
Asset management companies based in the U.S. held them in even distribution, and they formed alliances to dominate the board of directors.
At present, Chevron's market capitalization was barely under $200 billion.
The cost of securing a 10% stake would require a minimum of $20 billion, and considering the stock price would rise after acquiring shares, one had to consider up to twice that amount.
There was little reason to recklessly invest in a company where even pouring vast amounts of money wouldn't guarantee leverage.
"So, it would be perfect if Michael became my man, wouldn't it?"
I put down the envelope and fiddled with my phone.
After taking a moment to gather my thoughts, I made a call. It didn't take long for the call to connect.
"—Oh, Mu-hyeok."
"Hyung, are you busy? How's it going over there?"
"—Same as always. I work during the day and get dragged to parties at night."
Han Gyeong-yeong complained, feeling like he was stuck in a hamster wheel.
"Just hang on until the election is over. The mood in the U.S. has changed drastically, right?"
"—Yeah. Bush's approval rating fell, then rose higher than before. No matter how much they say the policy is not to negotiate with terrorists, the public won't love a president who lets citizens die. They rescued the hostages and obliterated all the terrorists who dealt with them, so of course, the ratings would go up."
It seemed the public sentiment had followed the expected course.
After hearing about the situation in the U.S., I got straight to the point.
"Hyung, listen carefully to what I'm about to say."
I listed out the names of asset management firms holding over 5% of Chevron's shares.
"Do you know any of the executives from the asset management companies I just named?"
"—I know most of them. But our interactions have been brief; we've never conducted business together. Why?"
I roughly explained how the situation was unfolding.
When I reached the part about Michael threatening me, Han Gyeong-yeong couldn't help but burst into laughter.
"—What? Hahaha! Is that lunatic out of his mind? Threatening you? If he wants to commit suicide, he might as well jump out of an airplane; why would he act like that? Does he want to die in a miserable way?"
"I considered gathering Chevron shares to secure a board position, but the investment return seemed too little compared to the money required."
"—That's true. Most major oil companies traded on the New York Stock Exchange have divided shares, so even securing 10% or 20% won't help. Those companies won't win any shareholding battles. And if any opposing force appears, there's no way the U.S. Treasury would just sit back and watch."
Han Gyeong-yeong clearly shared my sentiment. While it's said that the ultimate sin is to waste money, this venture was clearly inefficient.
"So here's the thing: start building some connections with them."
"—Are you trying to get rid of Michael?"
"Well, that'll depend on how he behaves. I think partnering with a company like Chevron might be worthwhile. It's better to establish some connections with them."
"—If that's the case, wouldn't Exxon Mobil be a better choice? It's the second-largest oil company after Aramco, isn't it?"
Han Gyeong-yeong immediately questioned my statement.
"That company's too big. Chevron is the more manageable size."
"—Fair enough. Chevron and Exxon Mobil likely share similar shareholder dynamics."
"Can you manage that?"
"—Hah! Can I? I'm Han Gyeong-yeong. I wield quite a bit of influence on Wall Street. I'll set up connections as I see fit. Fortunately, with the elections coming up, it'll be natural to approach them."
Han Gyeong-yeong confidently proclaimed.
Hearing his familiar tone after such a long time raised a smile on my face as we continued our conversation.
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