God of Corporate Hunting - Chapter 220



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◈ Episode 220 Occupying Forces (2)

After a hectic day, it was time to leave work.

Even if we call it quits, we just have dinner at a suitable place and then move to a nearby hotel as a group.

After sending Dan Kirk, Shin Chul-ho, and other employees to the restaurant first, Nam Woon-myeong waited for Yoon Se-bin in the conference room while organizing documents.

After a while, Yoon Se-bin came in looking like a kimchi.

Yoon Se-bin looked around and asked.

“Did it end well?”

“There are fewer hidden defects than I thought. UBS did a great job of conducting due diligence in a matter of days.”

Nam Woon-myung’s answer had great significance.

Normally, they would carefully examine the accounting books to find any irregularities. On the other hand, Nam Woon-myung would look at the future of the companies the bank invested in and calculate it. The results are different because the methods are different.

However, if the future of the invested company is not bad, the Credit Suisse acquisition can be considered successful in the long term.

Yoon Se-bin was relieved to know what it meant.

“How about you? What was the reaction from the photo shoot?”

“It’s not a welcoming atmosphere.”

Whatever the reason, the new owner turned out to be a young woman, and she was an Asian woman at that, so it was impossible not to feel some repulsion.

The unrest has died down after Yoon Se-bin declared that he would drastically reduce the number of executives, but how much they will cooperate with him is another issue.

“It will get better with time.”

In conclusion, Yoon Se-bin has no choice but to show his abilities.

Anyway, Yoon Se-bin was appointed as co-CEO of Credit Suisse.

Her titles increase day by day. She is the CEO of Korea Asset Management, a director of Korea Investment & Securities, and even co-CEO of Credit Suisse.

“Let’s go eat first. Oh, it’s not rice here, it’s bread.”

When he came down to the first floor of the building, Nam Woon-myung discovered a familiar person wandering around the first floor lobby.

Jürken Bauer, CEO of Birkenstock Capital.

It was the person I met in the lobby of the HY Emerald Hotel on the first day I arrived in Switzerland.

This is the guy who came to Credit Suisse to get an emergency loan, and we met again here.

Bauer also discovered Nam Un-myeong and pretended to know him.

“Hey, here we go again.”

“Oh! Mr. Bauer? Have you been in this neighborhood the whole time?”

“Where would I have time for that? I went to Germany and came back. I heard that Credit Suisse was taken over… I wondered if I could get a loan now.”

It is the tragedy of small capital companies that are desperate for loans from large banks.

Bauer glanced at Nam Woon-myeong and Yun Se-bin standing next to him before continuing.

“You’re still the same. So, did you do some research? Even large capitals like ours haven’t contacted you yet, so you must be even more frustrated if you’re not even known by name. What can you do? It’s the big bank’s bullying, so you have to endure it.”

From then on, I felt like I had a serious misunderstanding, but I didn’t bother to correct it because we weren’t going to meet again.

“Yes, he still looks a bit out of his mind. He’ll feel better soon.”

Nam Woon-myung tried to give a few words of wisdom and urge them to continue on their way.

Then Bauer noticed the group getting off the elevator and waved.

“Director Martin!”

Michael Martin, a Credit Suisse executive, frowned when he saw Bauer.

Bauer grabbed him as if he had met his savior.

“Oh, what happened? You need to approve it quickly? Has the loan review been resumed?”

“Uh… That, that’s not working properly yet. You know, I’m out of my mind. Maybe in two weeks?”

“Then we’re screwed!”

“Isn’t it inevitable?”

“If you could do something about it…….”

Martin strode forward, pulling away from Bauer, who was desperately clinging to him.

Nam Woon-myung asked Bauer, who was standing there with a blank expression.

“Mr. Bauer, what’s going on?”

“Ha! That’s… there’s a venture that developed an electric car motor… this is groundbreaking. It introduced new technologies in terms of output and heat management. It’s difficult to apply it to front-wheel or rear-wheel drive like existing electric cars, but it showed the best performance when applied individually to each wheel.”

“Okay, so what?”

“The investment amount is large, and due to the recent cash crunch, we couldn’t do it alone, so we asked Credit Suisse to invest… but there has been no news. As you know, time is an issue in the technology industry.”

It was the aftermath of the Credit Suisse bankruptcy.

“Where will that venture deliver its products?”

“Porsche. The best for sports cars.”

German automaker Porsche is a traditional sports car powerhouse, but problems have arisen as the trend shifts to electric vehicles.

Conventional internal combustion engines are disadvantageous in many ways compared to electric motors. The powerful engine developed by Porsche has become useless in the era of electric vehicles. Will Porsche still be around in the next 10 years?

It seemed like Bauer had a lot of pent-up resentment as he poured out his complaints.

“So that’s why you were waiting here.”

“To grab the trouser legs of bank executives passing by. Hey! There he goes again!”

The elevator stopped and a crowd of employees headed out for dinner.

Bauer, who was checking their faces, found someone he knew and ran again.

“Bank manager!”

Just as Bauer was about to vent his frustration, his employees blocked his path.

However, the bank president, Margo O’Pross, discovered Yun Se-bin and Nam Woon-myung and approached them.

“Would you like to go out for dinner together?”

Yoon Se-bin smiled and politely declined.

“You go first. I have a prior engagement.”

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“Yes, I will go first.”

Opros stepped back cautiously.

Bauer’s mouth dropped open when he saw that scene.

“Who are you guys? Oh! Korea… Anyway, didn’t you say it was an unnamed asset management company? Then how do you know the president of the bank, Margo Osroff? No, it’s not just that you know him… Osroff greeted you politely!”

“As you said, I am just a director at a small Korean financial company, Mega Asset Management.”

“Yeah, that’s right. But?”

To anyone who looked at it, Nam Woon-myung and Yoon Se-bin, who were both fresh-faced and young, did not seem like people who would have any influence on the bank president.

“This person is a rather important person. He is the new co-CEO of Credit Suisse.”

Nam Woon-myeong pointed to Yun Se-bin.

“Ugh!”

A terrified Bauer checked on Yoon Se-bin again.

Yoon Se-bin smiled and held out his hand.

“Hello, Mr. Bauer.”

“This is Jürken Bauer from Birkenstock Capital. Nice to meet you.”

Bauer seemed to be out of his mind.

“Shall we go eat first? It seems like you have a favor to ask… Let’s listen while we eat.”

Bauer’s mouth fell open.

* * *

Motor Force is an electric vehicle motor manufacturer founded by Peter Arnen, a graduate of the Technical University of Berlin.

Because Europe started developing electric vehicles later than the United States, the electric vehicle parts market has also developed slowly.

Peter Annen did not like this reality in the EU. Traditionally, wasn’t Europe the best when it came to cars?

Shortly after graduating from college, Peter founded Emforce and focused on developing motors, a key component of electric vehicles. The engine is the core of an internal combustion engine vehicle, and the motor is the core of an electric vehicle.

The results were immediate: the electric motors he developed performed exceptionally well in electric cars.

But he was not satisfied with this stage. He wanted to surpass other companies’ motors in all aspects, including electric motor output, heat generation, and control.

In the early days of the company’s establishment, it received a lot of investment and its prospects were bright.

But it wasn’t long before they ran into trouble.

The core components of electric vehicles are motors and batteries. Unfortunately, it is not easy for existing commercial vehicle manufacturers to produce batteries.

That’s why the only area that commercial vehicle companies can focus on is motors. Otherwise, existing automakers will end up being mediocre companies that are dragged around by parts companies in the electric vehicle era.

Electric vehicle companies have begun developing their own electric motors to be installed in their cars, meaning they have begun the process of internalizing the motors.

As a result, Emforce had nowhere to sell the motors it had developed.

“The performance of the motor developed by Emforce is the best in the world. It is more suitable for sports cars than general electric vehicles. That’s why we targeted Porsche…….”

Bauer, whose tone had changed, cut the steak while trailing off his words.

“Porsche refused.”

“The Volkswagen Group also makes its own electric motors.”

Porsche is currently part of the Volkswagen Group. The CEO of Volkswagen and the CEO of Porsche are the same person. That’s why they use self-developed electric motors.

Bauer continued his depressing tale.

“When the Porsche deal fell through, Empors’ investment also stopped. Now that we’re out of the early development stage, we need more funding.”

“Why don’t you invest more in Birkenstock Capital?”

“That’s like pouring water into a bottomless pit… It’s currently impossible due to the internal risk diversification rules that prevent us from concentrating our investments in one company. In the meantime, we barely received a positive offer from Credit Suisse, but then the Silicon Valley Bank incident happened….”

I finished assessing the situation.

Before the financial crisis, Credit Suisse was somewhat extravagant in its money management, which allowed it to invest in Empos, which was apparently not profitable. But now, it is not so easy. It is difficult to make new investments, as existing loans and investments are being re-examined and recovered.

When faced with that reality, Bauer could only sigh.

Without Credit Suisse’s investment, Emforce’s development would be halted and Birkenstock Capital would lose all of its existing investment.

Nam Woon-myeong handed over the Emforce data that Bauer had given him.

CEO Peter Annen’s resume caught my eye.

I read Peter’s fate based on his date of birth. It was amazing. Peter was destined to successfully lead Emforce without any particular twists and turns.

Does this mean that the electric motor developed will be successfully installed in Porsche? Or will it be in another company?

I’ll have to meet Peter in person, but looking at his abilities, Emforce’s growth is clear.

“Mr. Bauer, are you aware of the current situation at Credit Suisse?”

“Yes, I heard that it was crazy in a word.”

“So what I’m saying is… in the current situation, it’s difficult to invest in the near future.”

Bauer’s expression changed as if the sky had fallen.

Nam Yun-myeong suggested with a gentle smile.

“Instead, how about investing in Mega Asset Management? To be exact, it’s the Korea Asset Management Consortium. It’s the private equity fund that recently acquired Credit Suisse.”

Bauer’s mouth fell open.

Mega Asset Management, which is not even sure where it is attached, is not trustworthy, but it is different if it is a company that acquired Credit Suisse. Investment by a great private equity fund means that it is confident in Empos’ future.

“Excuse me?”

Bauer checked again, seemingly incredulous.

“Of course. If you submit the documents by tomorrow, I will send them to the head office and make an investment decision. I can give you the investment money at any time you want. But how much do you need?”

“One hundred million dollars.”

It is a large amount of money for a technology venture, but it is not a burden to the current Korea Asset Management or Mega Asset Management.

“That would be no problem at all. Mega Asset Management is a bit bigger than you think.”

Bauer’s face turned red as he recalled his past remarks.

Nam Yun-myeong continued speaking.

“I hope to meet Empos CEO Peter Annen soon.”

“Of course I will take action.”

The dark clouds completely cleared from Bauer’s face.

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