Chương 427: Chapter 427: Do You Think I’m Asking for a Favor Right Now?
Geumsung Group was a unique case among the chaebols in our country.
Founded by the alliance of two families, the company had been passed down through three generations over time.
Moreover, it was the only chaebol that had never faced a management dispute.
Rumors were swirling about separating group companies through partner division, though.
It was also the only company that paid full inheritance tax during succession.
Recently, they became the first among the top 10 domestic groups to successfully transform into a holding company.
Geumsung cut the decades-old cycle of circular shareholding, securing stable management control through vertical integration.
Although vulnerable to external attacks, circular shareholding made it easy to secure management control, a weakness revealed during the recent financial crisis.
The downfall of one affiliate could impact the entire group.
Thus, Geumsung Group mobilized vast funds faster than anyone else to transition into a holding company.
Thanks to that, I was the only one among the gathered chaebols who couldn't interfere with its management rights.
"How's that? I think I've earned my keep, don't you?"
I nodded in satisfaction; he really was someone who had been in the industry for a long time.
"You definitely know what I want."
"Would someone come here without knowing that much?"
"Alright, those two companies will belong to Geumsung Group."
"Sounds good. Very good."
At that, Yeo Seung-jin's face broke into a smile. Not only that, he added,
"Since we're exerting effort here, how about I take the lead in bringing down Il-seong Group? If there's a chance to do interviews or appear on broadcasts, I'm all in."
"You seem to really dislike Il-seong Group."
"Dislike?"
Yeo Seung-jin lifted the corners of his mouth. After casting a glance at the other chairmen present, he continued.
"To be honest, I think everyone here feels the same way. If a major corporation like Il-seong crumbles, the scraps that fall to us will be significant. Plus, it would be a blow to Il-seong, which has been constantly clashing with us. When else will we get to see Il-seong in this state?"
For Geumsung Group, which had been going head-to-head with Il-seong Group in the same business since its inception, Il-seong was naturally regarded as a thorn in their side.
Then again, they hadn't just been beaten by Il-seong; they had also been branded with the 'eternal second' label, so their feelings couldn't be good.
"Understood. Then Geumsung Group will proceed with acquiring Il-seong IDS and Korea DNS. Is there anyone who objects to this decision?"
Seo Jae-sang flinched but couldn't bring himself to speak. Others seemed preoccupied with the companies they were about to acquire.
"Now, shall we hear from the other chairmen?"
Seeing the desire in the eyes of the chairmen, I couldn't help but smile.
The meeting went on for a long time. Each chairman discussed one or two affiliates they wanted to take, resolving objections through discussions with each other.
All the companies that ranked in the top thirty of domestic corporate rankings were present.
As such, there were times when their desired businesses overlapped, leading to heated exchanges.
By pacifying and coaxing them, the chaebols, excluding the JC Group alliance, finally decided on the affiliates they would take.
Before facing the JC alliance, I shifted my gaze to Guk Dae-ho, chairman of Pungsan Group.
"What about you, Chairman Guk?"
Guk Dae-ho hesitated at my question before responding.
"Will we be able to acquire something from here? Any company at all?"
I couldn't help but chuckle at Guk Dae-ho's naive question.
"Of course. How about Pungsan Group acquiring the construction division from Il-seong Materials? That should serve as a significant stepping stone for Pungsan Group's growth."
Il-seong Materials' construction division ranked fourth in terms of contract volume.
Pungsan Construction was struggling outside the top ten, akin to David taking on Goliath.
"Is that really possible?"
Guk Dae-ho's face lit up with surprise.
Pleased by his fresh reaction after so long, I smiled broadly as I spoke.
"The people gathered here are responsible for Korea's economy. They wouldn't make empty promises in this setting."
"······."
Guk Dae-ho remained silent, surveying his surroundings. The giants of the business world were all present.
It seemed he finally grasped the reality, as I noticed him gulping nervously.
"What will you do? Will you accept my offer?"
"I don't know what this is all about, but I'll do it. If I refuse this, I'll have to close my business. What exactly do I need to do?"
Guk Dae-ho's role was similar yet different from that of magnates like Yeo Seung-jin.
"You'll need to make negative remarks about Il-seong Group. A young entrepreneur, a self-made man who's hard to find these days, criticizing Il-seong Group will make for a captivating scene."
I wasn't just satisfied with bringing Il-seong Group down.
I was planning to bury Seo Yong-geon and Seo Jae-hoon in society.
"This is something only Chairman Guk can do. Unlike the others here, you're an entrepreneur who came up from the bottom."
"If that's the case, then I'm all for it! Ha ha!"
Seeing Guk Dae-ho laughing heartily made me smile as well.
Finally, I glanced at the leaders of JC Group, Daesol Group, and NEW Group, who had yet to decide what to take.
"While other conglomerates will take one or two affiliates, I'll give you three of the remaining ones."
Seo Jae-sang voiced his discontent.
"All the prime picks have already been taken by everyone else. What good are the remaining ones? It's not like you're telling us to eat the scraps left over!"
"Chairman Seo Jae-sang."
Seo Jae-sang's disgruntled gaze turned toward me. I lifted a corner of my mouth and said.
"Do you think I'm asking for a favor right now?"
"······."
When I try to speak nicely, he always responds like this. Especially since he had been burned once, seeing him act like this made JC Group's future rather clear.
"You claim the good ones are all taken, but there's still over half of Il-seong Group left. The other chairmen didn't get greedy; they chose affiliates that synergize with their businesses. Do you really think you don't have enough? If so, you're better off closing shop. What business can you run with that mindset?"
"Mr. Kim!"
Seo Jae-sang's face started to flush with fury.
"Is your pride hurt? Do you think you can take all of Il-seong Group without a hitch? Seriously?"
"······ I can do it."
"No, absolutely not with JC Group's capabilities."
Seo Jae-sang gritted his teeth, locking eyes with me. It felt as if flames were burning in his gaze.
"What makes you think you know so much about me? I haven't even shown my true potential yet."
I nodded in agreement with his statement.
"It's because you haven't shown it that I can't trust you. So just accept what you're given and grow it properly. Let's discuss it again afterward."
"Mr. Kim, that's unreasonable."
"What are you complaining about?"
"It's the downfall of Il-seong Group. A great empire established by the Seo family is about to crumble. Yet if we can't take it, then…"
Seo Yong-geon must be having a tough time. With a son like this whom he trusts to manage the group, it's no wonder he's stressed.
"Did you forget that Chairman Seo Yong-geon was at the forefront of that downfall?"
"W-well, that was…"
"I offered Chairman Seo Yong-geon a choice: either give up JC Group and help Il-seong Group, or preserve JC Group. He chose to abandon Il-seong Group. So don't come to me now with lame excuses about how it's ours. At least not in front of me, because it won't work."
Seo Jae-sang lowered his head. As he did, he rubbed his cheek with the back of his hand.
Yes, he needed to remember that pain.
"If you don't want what I'm offering, just say so. I can easily pass them to someone else. But you should be prepared to see your ranking plummet."
The unravelling of Il-seong Group, one of the top five conglomerates.
Depending on who takes what, the business rankings would shake. Holding on to pitiful pride gains nothing.
"What will it be?"
"…I'll discuss it with my father."
I nodded and then turned to Jo Hyeong-woo of Daesol Group.
"And you, Chairman Jo?"
"We…"
Jo Hyeong-woo glanced at Seo Jae-sang before speaking.
"We'll follow Mr. Kim's intentions."
"Great. I'll filter out companies that would synergize with your current business and hand them over. Please convey my regards to Honorary Chairwoman Seo Hyun-hee as well."
"Yes, I will pass that along."
Finally, I asked Jung Han-sung of NEW Group.
"Chairman Jung?"
"If you could give us the distribution and logistics-related businesses, we would gladly follow your intentions."
"Understood. Then I'll pass those businesses over to NEW Group. I didn't expect the Honorary Chairwoman to come in person."
"Ha ha. I live like a carefree man but make sure I have to show my face in such places. I'll explain it well to my wife."
"Thank you."
All the business magnates, minus Seo Jae-sang, agreed to participate in this matter.
I wet my dry lips lightly with my tongue as I surveyed the room.
"Each group should delegate all their shares related to Il-seong to Future Investment. In particular, companies that branched off from Il-seong Group, including those from JC Group, must delegate all their shares in Il-seong affiliates. This isn't a request. If you refuse, all the discussions we've had so far will be void, and that company will become our next target after Il-seong."
The remaining attendees, excluding Geumsung Group, had stiffened their expressions.
"Also, beyond Chairman Yeo Seung-jin, I would like each of you to issue a statement under the name of the Federation of Korean Industries as well. Naturally, this should happen after the presidential election. No matter how much we talk during the election period, people won't be interested. If you take the lead, it will ease the burden on the Fair Trade Commission and the Financial Supervisory Service as well."
This was the end of what I had to demand from them. Ah, one more thing.
"After this situation concludes and all the affiliate restructuring is done, I recommend you convert to a holding company. The circular shareholding structure is too vulnerable to external attacks."
Failing to secure management rights after switching to a holding company would lead to shaking from other hedge funds, even if I wasn't involved.
"KS Group must start preparing for this immediately. There has been strange activity from hedge funds."
Chairman Choi Woo-sik of KS Group looked at me in surprise.
"Huh? Do you know something, Mr. Kim?"
Sovereign, a Monaco-based asset management firm, was secretly gathering shares of KS Group's holding company through a Hong Kong company called Crest.
As I shared this information, I added,
"Such rumors are circulating. Chairman Choi, your shareholding percentage is too low. No matter how much management rights have been secured through a circular shareholding structure, if the largest shareholder changes, it will spell trouble. How about you change the dominance structure into something solid right now?"
If I managed to take control over Il-seong Group, other hedge funds would also set their sights on Korean companies.
I had no intention of letting them take over Korean businesses.
"You don't have to worry about that. Everything is in place to ensure no issues arise with the management rights."
"Really? You might regret it."
"I'll take care of it. Just keep your end of the bargain."
I arched an eyebrow at his nonchalant attitude.
He would surely come to his senses after a significant incident. Best to leave him be for now.
"If Chairman Choi feels that way, I won't urge you further. Do the others think the same?"
Although they didn't voice it, I could tell. They were not in a hurry to change their minds. Geumsung Group was truly something special.
To be fair, not many groups had successfully transitioned to a proper holding company by the time I met my end in my previous life.
"If you all feel this way, I won't push further."
It would be quicker for one of them to die than for me to have a long discussion.
It was time to wrap up the meeting now.
"Please hand over all the proxies to Ms. Eva within a week."
Everyone nodded.
"Thank you for gathering today. If all the chairmen uphold their promises, I will uphold mine as well."
The lengthy meeting with the chaebols was finally coming to an end.
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