Chapter89: < The Leap of Hyunjin Construction (3) >
When Yeonghun returned to the company's Secretarial Office, Yeon-hee rushed over to him.
"How did it go?"
"Let's go somewhere quiet first."
Yeonghun led Yeon-hee, who looked like she was dying of curiosity, into a quiet meeting room and began to speak.
"First, I told the Chairman. If he doesn't agree to spin off the affiliate..."
"Not that. I heard the gist of it from Managing Director Go Seung-hyeon. Besides that, did Grandfather say anything special? Or did you learn anything new about him...?"
Judging by her expression, she seemed curious about Chairman Im Chang-ho's four pillars of destiny.
Yeonghun had already been contemplating how to approach the subject on his way here.
Ever since he'd figured out Chairman Im Chang-ho's time of birth and added it to the birth date he already knew to complete the four pillars, he had been constantly worrying.
He had wondered whether it was better to know or not to know, but he couldn't decide which was the right answer.
If it were a stranger to Yeon-hee, he obviously wouldn't say anything, but was it right to know when her own grandfather's life would end and not tell her?
"There's nothing particularly special. The Chairman's four pillars mostly consist of things he already knows from having lived a long life. Fortune in Wealth, luck with people, luck with children, and so on... In fact, someone his age has little reason to have their four pillars read. However, if you're just looking at what his late-life fortune will be, then it could be meaningful."
"And?"
"His four pillars indicate that he will not lose his wealth and will live without any particular misfortune even in his later years. However, he has a strong attachment to his bloodline. Perhaps that's why he might have treated you so coldly."
Perhaps his worries ran so deep because of his feelings for Yeon-hee.
The thought that perhaps he could tell this woman that he could see people's remaining lifespans.
But when he considered whether it was really okay to tell her, he concluded that he had to keep it a secret.
She might just accept it and move on for now, but the day would come when she'd grow curious about her close relatives, and then she would want to ask him.
What would happen if President Song were to fall ill later?
Also, she would inevitably ask about her father, who was currently lying in a hospital bed.
He was filled with guilt, but this was something he absolutely could not reveal.
"Sigh... let's move on from that for now."
"Okay."
"So what happens now?"
"I've passed the ball to his court, so he'll give us an answer now."
"What kind of answer do you think we'll get?"
"Chairman Im Chang-ho is an extremely pragmatic and wise man. He also values justification and cares about public perception. Two shipbuilding companies in one group... and if he thinks they might end up competing in the same industry after he's gone, rather than collaborating, he will never allow Hyunjin Corporation to acquire Haeju Shipbuilding & Marine Engineering."
"So you're saying we'll get the Gunsan shipyard?"
"Because he knows he can't stop us otherwise. And frankly, since we'll be buying their shares as part of the spin-off, they'll get an immediate cash infusion, so they won't have much trouble acquiring the Gunsan shipyard."
"I hope it works out. It's hard to watch my mother worrying about management rights anymore."
"It will."
Feeling unnecessarily guilty, Yeonghun comforted her for a while.
*
The rooftop of the Hyunjin Corporation headquarters.
Normally, at this hour when everyone should have been hard at work, you would expect to see smoke rising from only one or two spots at most.
But thanks to the employees who couldn't focus on their work, there was a constant stream of people, as if a large coffee shop had opened up there.
"What in the world is going on?"
"Manager, did you really not know at all?"
Assistant Manager O Jae-jun from the Human Resources Department asked, an iced Americano in one hand and a cigarette in the other.
"Of course I didn't know. Wow... this is no small matter..."
Hyunjin Corporation's surprise hostile takeover of Hyunjin Tourism.
Are hostile M&As ever easy?
Until now, hostile M&As had rarely succeeded in Korea, a testament to their difficulty.
Moreover, it wasn't a completely unrelated company but an affiliate of the same group. For President Song Eun-chae, it was a situation where she had just snatched up her sister-in-law's company.
That was why this acquisition came as a shock even to the employees of Hyunjin Corporation.
Curiosity about the Bongseon-dong Task Force, which was known to have led the acquisition, was particularly explosive.
"What's going to happen now?"
"The Vice President must not have known either. If he had, he wouldn't have raised such a fuss. He's absent today too, right?"
"Yes, he's been on sick leave since yesterday."
"Hmm... It looks like season two of the personnel reshuffle storm is about to begin..."
Assistant Manager Oh shuddered at Manager Min's prediction.
"Ugh... If the Vice President gets the axe, does that mean everyone under him will be next?"
"It could happen, but I don't think so. Right before Vice President Seong Ju-hun was sidelined like this, Managing Director Park Yun-jae was promoted from the Corporate Planning Division to Head of the Sales Division, wasn't he? If the plan was to get rid of everyone in the Vice President's line, they wouldn't have done that."
"Huh? Then wouldn't the Vice President be grinding his teeth at Managing Director Park right now? Isn't that a complete betrayal?"
"Is it a betrayal? It's not certain yet."
"Come on~ You don't really think the Managing Director was unaware of this surprise takeover, do you?"
"Isn't it highly likely he didn't know?"
"If he was suddenly promoted to Managing Director, shouldn't he have known about something this big?"
"That's true, but..."
Just then, someone poked their head in from behind them.
Manager Min turned around in surprise to see Managing Director Park Yun-jae standing there.
"Ah, you startled me."
"What do you mean, 'that's true'? I didn't know either."
"Really?"
"It's true. I was floored when I saw the news. From what I could tell at the executive meeting that went on all day yesterday, the only ones who knew were the Finance Team and the Special Projects Department. Everyone else was completely fooled. The staff who were out in Australia even complained about how devastated they were when they returned."
"They say to deceive the enemy, you must first deceive your allies. They really pulled it off perfectly."
As Assistant Manager O Jae-jun marveled, Managing Director Park put a cigarette in his mouth and spoke to him.
"Give me a light."
"Yes, sir."
"Hoo... Don't worry too much. I'm not sure about the Vice President, but you guys won't face any personnel disadvantages. That was decided at the executive meeting, and it's the President's stance."
Manager Min chimed in.
"That's a relief, but do you think there will be any personnel transfers over to Hyunjin Tourism?"
"You saw the news, didn't you? A man named Rogers Park was appointed president. They've drawn a line: ownership without management. The President told us not to worry about Hyunjin Tourism at all. We just need to do our jobs well. Just think of it as the revenue that would have come from acquiring Proxia now coming in as dividends from Hyunjin Tourism instead."
"Wow... Then the dividend rate must be pretty high, right?"
"They're thinking at least six percent, and there will be a special dividend with this acquisition. Since it's the end of the year, Hyunjin Tourism is seeing a lot of revenue, so they're probably trying to pull in as much as they can at the beginning of next year."
"Hmm..."
As Manager Min nodded, Managing Director Park gave Assistant Manager Oh a look.
Assistant Manager Oh quickly took the hint.
"Well, I'll be heading down first."
"Yeah, okay."
After Assistant Manager Oh left, Managing Director Park spoke.
"What's the mood like among the employees?"
"It's a bit unsettled, but everyone is generally looking at it in a positive light."
"Do you know what came up at the executive meeting today? Our company has decided to build a bus terminal in Gunsan."
"Our company?"
"Hyunjin Construction, to be precise. The President said it herself. She has no intention of getting involved in the management of Hyunjin Tourism, letting it grow steadily as the company's cash cow. Instead, she said she would grow Hyunjin Construction to be as big as Hyunjin Corporation."
"Hyunjin Construction? The size difference is huge, isn't it?"
Hyunjin Corporation might not be one of the top three trading companies, but it was still a massive enterprise with over seven trillion won in revenue.
It was in a completely different league from Hyunjin Construction, which had been sold off at a bargain price from Shinyoung Bank before it could even complete its workout program.
"I thought so too, but it didn't sound like she was just saying it. She mentioned the Gunsan bus terminal right after. It seems the Special Projects Department and the PR team have already discussed something related to it."
"That's completely out of the blue."
"I thought it was out of the blue, too. But even though the President didn't say so explicitly, I got the feeling that wasn't all. And the decisive thing she said was this."
Managing Director Park paused, looked around, and then spoke.
"The Bongseon-dong project. She said it wasn't a department created simply as a smokescreen. She emphasized that it was a project they were genuinely going to win."
Manager Min gave Managing Director Park a strange look for bringing this up so suddenly.
"Why are you telling me this?"
"Hyunjin Construction is about to become a real gem. If you get a chance to transfer there, don't miss it. You don't want to stay a manager in HR forever, do you? If you go to Hyunjin Construction, you can shoot right up the ladder. And... keep what I just told you to yourself."
Managing Director Park patted the bewildered Manager Min on the shoulder, glanced around, and then headed downstairs.
*
"Stop crying."
"*Sob...* How can I not cry? I'm so upset..."
Kim Tae-min sighed and shook his head.
How shocked he had been yesterday.
While he was working in Geoje, his colleagues had excitedly turned on the TV, and the news was blaring breaking reports that Hyunjin Tourism had been acquired by Hyunjin Corporation.
Amidst the constantly ringing phone calls that followed, he had finally gotten through to his mother, who was barely coherent. Unable to contain her rage, she had screamed.
[Your grandfather abandoned me!]
The scream was so ear-splitting that Tae-min dropped his phone in shock, but the content of her words was undeniably stunning.
That his grandfather had given his tacit approval for the acquisition of Hyunjin Tourism.
President Im Ji-eun had arrived in Geoje that afternoon and had been crying ever since.
"Please, stop. This won't bring Hyunjin Tourism back."
“I never knew your grandfather could be like this. How could he just stand there and back your sister-in-law up like that? In front of all those reporters... how could he abandon me?”
“Grandfather must have had his reasons.”
“What reasons? I heard he could have reversed the power of attorney beforehand!”
“He could have reversed the power of attorney? Mom, are you sure you’re not mistaken?”
Tae-min thought President Im Ji-eun must have misunderstood.
President Im clenched her fists, trembling as she spoke.
“No. Your grandfather said he could have done it but chose not to, so I checked with Shinyoung Bank myself. And the Chairman of Shinyoung Group confirmed it. He said your grandfather didn't want to, so they just dropped the matter. I asked him directly.”
“Ha...”
Tae-min felt a suffocating sense of betrayal in his chest.
“How could he do that? Do you really think he should have just given up when he could have reversed the power of attorney?”
“No. We should have protected Hyunjin Tourism no matter the cost.”
The hotel business is fundamentally based on real estate.
When land prices rise, the company's asset value is bound to increase, whether there are guests or not.
And do land prices fall?
Once land prices go up, they rarely come down.
This is because the land in that specific location is one of a kind.
That's why there's an old saying: friends may betray you, but land never will.
Moreover, the hotels owned by Hyunjin Tourism were top-tier, five-star brands recognized worldwide.
Naturally, they were unaffected by economic downturns, their sales were solid, and the global outlook for the hotel industry was excellent.
It was a company no different from a goose that lays golden eggs, bringing in a steady stream of cash just by holding onto it.
Of course, they had stretched themselves a bit thin to acquire another one of those golden geese, but they could have protected it if the group had provided its full support.
If they had just held on a little longer, that financial strain would have become a non-issue, and the newly acquired goose would have continued to lay golden eggs for years to come.
“Right? I’m right, aren’t I?”
“Of course. This won't do. I need to see Grandfather.”
Tae-min barely managed to calm his agitation and went to the chairman's office.
As it happened, Chairman Im Chang-ho had just returned to Geoje.
“Chairman, I’m coming in for a moment.”
“Go ahead.”
Chairman Im thought it was good timing, as he had something to discuss, but upon seeing Tae-min’s flushed face, he knew why he had come.
“Chairman.”
“Yes. Has your mother been here?”
“What? Yes...”
“I suppose she was crying and complaining to you again.”
“I heard you could have reversed the power of attorney.”
“Do you also think I should have reversed it then and there?”
“Hyunjin Tourism is a company that should never have been abandoned.”
Chairman Im felt a pang of pity for Tae-min, who couldn't see the bigger picture.
Then, he suddenly recalled the young man he had met in Seoul, the one who would become his granddaughter's husband.
If it had been him, he wouldn't be crying over a done deal.
Suddenly, he couldn't help but see the pitiful grandson before him as a frustrating and foolish maternal grandson.
< The Leap of Hyunjin Construction (3) > End
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