บท 289: Chapter 289: Benefit the People, 11 Happiness
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Negotiations the Next Day
When David entered the conference room, he still held the newspaper from earlier. Setting it down beside him, the HSBC representatives quickly realized he must have seen the latest news. HSBC's situation had grown increasingly dire.
Bank runs and public unrest were critical crises for any bank. The history of bank failures during runs was well-documented. HSBC, with its contracting business and mounting bad debts, was already nearing the point of being deemed an unworthy investment.
Before HSBC could respond, David took the floor. "I have little patience for this. In the UK, the Rockefeller consortium can invest in many ventures—oil, mining, banking, tobacco, and more."
"HSBC is merely one of many possibilities, and with its current problems, I've started losing interest in this investment."
"I'm making an offer now: If you agree, we'll proceed. If not, consider this the end of our negotiations."
He continued, "We're looking to acquire more than 51% of HSBC's shares, based on its total market value of $113 million."
David finished his statement and fixed his gaze on the HSBC representatives.
DaVille Sassoon frowned. "Mr. David, we had not planned to sell so many shares, and the price is…"
David raised a hand to cut him off. "My conditions are clear. Whether you accept or decline is up to you. I have other matters to attend to. If you agree, let us know. If not, there's no need to contact us."
David stood up, nodded, and left the room, followed by his team. HSBC representatives were left to ponder their next move.
DaVille Sassoon sighed. With HSBC's predicament, the likelihood of collapse loomed large. Investors typically avoided troubled entities.
"Mr. Sassoon, what should we do?" someone asked.
"Return to discuss with the shareholders. Sell the shares of those willing, and hold onto those of those unwilling," DaVille Sassoon replied grimly.
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**Hardy's Efforts**
During this time, Hardy was actively working on several fronts. He reached an agreement with the British shipping company Liverpool United Shipping, formerly known as White Star Shipping, the owners of the Titanic, which sank in 1912.
White Star Shipping had gone bankrupt and was acquired by Cunard. During World War II, several small Liverpool shipping firms merged to form Liverpool United Shipping. Today, it owned over 50 freighters and was among the top three British shipping companies.
Hardy's investment involved acquiring 25% of Liverpool United Shipping by investing 20 Freedom Ships and 5 Victory Ships, and leasing 50 ships to the company for $10 million annually. This was a strategic move, considering Britain's heavy reliance on shipping for its reconstruction and supply transport.
With Hardy's growing influence, he now controlled six shipping companies globally: Hardy Shipping, Hong Kong Global Shipping, Bolloré Shipping in France, Mardi Shipping in Italy, Nile Shipping in the Netherlands, and Liverpool United Shipping in the UK.
Hardy also invested in luxury goods companies like Burberry and Dunhill. His most coveted acquisition, however, was shares in Rolls-Royce, known for its high-end vehicles, including the Rolls-Royce and Bentley brands.
Despite Rolls-Royce's refusal to sell, Hardy managed to order several Rolls-Royce vehicles, including the fourth-generation Silver Spirit roadsters and a Phantom IV, specially designed for Princess Elizabeth. This acquisition was eventually facilitated through the British Prime Minister's intervention, boosting the UK economy in the process.
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**HSBC Crisis and Acquisition**
Five days later, the situation at HSBC had worsened. Thousands protested outside the bank, demanding their deposits back. The bank was unable to operate, and the management was at a loss.
HSBC's board of directors was preoccupied with selling shares rather than resolving the immediate crisis. The financial instability had exposed deep-seated issues, leading to a consensus to sell.
The transaction concluded with HSBC selling 54% of its shares. Wells Fargo acquired 34%, and Manhattan Bank took 20%, leaving Hardy as the largest shareholder. The total expenditure was over $38 million.
At the subsequent board meeting, Hardy was introduced as the new chairman of HSBC. He outlined his plan to stabilize the bank: Wells Fargo and Manhattan Bank would provide temporary loans to cover drafts and deposits, ensuring the bank's credibility.
Hardy also appointed Victor as his assistant, with additional supervisory directors from Wells Fargo and Manhattan Bank. He instructed HSBC's management to prepare for possible shutdowns in mainland operations and focus on buying low-priced assets in Hong Kong.
"Financial crises offer immense opportunities," Hardy noted. "Investments during these times can yield returns many times greater than normal."
Hardy's approach promised to revitalize HSBC and secure its assets, aiming to avoid the pitfalls of future management and instead benefit the public.
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