God of Corporate Hunting - Chapter 237



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◈ Episode 237: Bukseong Distribution (3)

“Hmm, Nam Woon Myung? I think I’ve heard of it before…….”

Nam Woon-myung felt a sense of victory inwardly at Hyun Jae-seop’s attitude of trying to appear calm.

Although he pretended not to notice, I could tell that Hyun-Seop was flustered right now.

“I hope you have a good time today.”

Nam Yun-myeong offered some words of wisdom and stepped back.

There was anger in Hyunjae-seop’s gaze as he glanced at him.

Not a bad first meeting.

When Ashur visited Korea, Nam Woon-myung had seen him from afar at the banquet hall. Today was the first time he had actually met Hyeonjae-seop face to face.

In fact, he is the one who should be held responsible for his father’s death. Although he himself probably does not remember the incident itself and will make excuses that he never intended to do so.

Even before the last Bukseong Construction Civil War, we had been gradually preparing a plan to put pressure on the Bukseong Group. We had measured the power of Hyeonjae-Seop during the first civil war, and we had reassembled our allies to make a real bet this time.

Of course, it’s not something that will go down in one shot. They say that even if a rich person goes bankrupt, it will last for three years.

The moderator who will conduct the shareholders’ meeting came up to the stage.

The agenda was simple: dismiss the CEO.

Before the vote, there was a brief briefing from the company, a propaganda piece that linked recent business performance and key issues to the CEO’s abilities.

When the briefing was over, one reporter raised his hand and asked:

“You reported in your performance that you purchased a piece of land for the construction of a future logistics center. Is the original owner of that piece of land your family?”

Suddenly, my stomach became cold.

“We don’t know that either.”

“Do you not want to answer? Or do you really not know?”

“Okay, another question…….”

“I acquired the owner’s family’s stocks through a block deal, but what happened? The stocks are currently recording valuation losses.”

“That is a normal management strategy…….”

“Is the company owned by one owner or by the shareholders?”

As the questions and answers became tangled and noisy, the official shouted urgently.

“Pull him out!”

It would be a mistake to think that common sense applies at a shareholders’ meeting.

In most cases, there are minority shareholders who raise objections to the company’s management, so the company is fully prepared. Because of this, sometimes it becomes chaotic and ends with just the hammer being swung without any explanation of the agenda.

It was no different here.

Even minority shareholders are being dragged away, so a reporter without even a single share of stock has no authority.

The reporter was dragged out in an instant by the company’s hired mercenaries.

The presenter, who had reorganized the room again, opened his mouth.

“Shareholders who are in favor of the dismissal of the CEO…….”

Joo Do-hee raised her hand.

Hyunjae Seop’s expression changed completely. He now realized why Joo Do Hee was here. It was a reality he already knew, but didn’t want to believe.

When Joo Do-hee raised her hand, the representatives of Bukseong Life Insurance and Bukseong Securities, who had been observing each other, raised their hands together.

A curse word came out of Hyunjae Seop’s mouth.

“Those things…….”

The largest shareholder of Bukseong Life is Bukseong Cultural Foundation, and the largest shareholder of Bukseong Cultural Foundation is Joo Do-hee.

Hyun-Seop Hyun suppressed his anger by controlling his expression, being conscious of his surroundings.

“Even so, the voting rights of financial companies are limited to 3%…….”

The presenter quickly finished calculating.

“Ms. Joo Do-hee, the combined stake in Bukseong Life and Bukseong Securities is 13%. Is there anyone else in favor of dismissal?”

“I have a 10% stake in Mega Asset Management.”

Nam Yun-myeong raised his hand and said.

In an instant, the percentage in favor of dismissal increased to 23%.

On the other hand, the shares opposing the dismissal were 26% in total, including 15% of Bukseong Chemical Energy, 3% of other affiliates’ shares, and 8% of foreign funds.

“Our company is against the dismissal.”

The stake delegated to us by our company was approximately 3%.

The vote for and against dismissal was 23 to 29.

“There is a 6% stake delegated from other domestic securities companies and asset management funds. I object.”

A North Star Group official said.

The gap between the pros and cons widened further to 23 to 35.

“It was nothing special.”

As Hyun-Seop’s complexion calmed down, a smile appeared on his lips.

It was a match that could not have happened from the beginning. Originally, it was because Hyun-Seop had 10% more shares. However, he was worried because he had sold that 10% after many twists and turns during the Bukseong Construction civil war.

After checking today, it turned out that there was no problem even if that 10% was not there.

Hyun-Seop turned his gaze towards Nam-Un-Myeong in a happy mood. He couldn’t read the strategy on his face, wondering what on earth he was thinking.

At that time, Yoon Se-bin appeared at the entrance.

Now, Yoon Se-bin is a celebrity.

Reporters who recognized her flocked to her.

Yoon Se-bin entered the room and greeted reporters, then stood next to Nam Woon-myung.

It is widely known that Korea Asset Management and Mega Asset Management are close, so people could guess that Yoon Se-bin would support Nam Woon-myung, even though it was not a special expression of intent.

Hyunjae Seop’s mind was spinning quickly.

‘Did Goryeo Asset Management have a stake in Bukseong Distribution?’

I had entrusted quite a lot of other affiliates’ shares during the restructuring process. Korea Asset Management also got involved in the restructuring. However, I had no memory of the Bukseong Distribution shares.

“Does Korea Asset Management also own Bukseong Distribution?”

The host asked.

“Yes, I have.”

Hyunjae Seop’s heart sank. But there was still a considerable difference.

“I have a 4% stake in the Byglobal Fund managed by Korea Asset Management. I also have a 7% stake that I received from Bukseong Life Insurance two days ago.”

Bukseong Life Insurance originally owned 10% of Bukseong Distribution shares. Except for the 3% with voting rights, the rest was transferred to Korea Asset Management. Thanks to this, the voting rights were restored.

It became 34 to 35.

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It was a close race, but the opposition to dismissal, that is, the Hyeonjae-seop side, still held a narrow lead.

Now, everything that needs to come out has come out.

“Is there anything else?”

The presenter shouted in excitement.

Nam Woon-myung snickered. That guy is definitely a company figure. I guess I’ll have to cut him off later.

When the smile on Hyunjae Seop grew deeper, Yoon Sebin raised her hand again.

“Credit Suisse Korea, or CSK, has 3%.”

An unexpected bombshell was dropped. The enormous investment bank, which managed a whopping 750 trillion won, had accumulated shares in various companies around the world.

The host looked at Hyun-Seop with a thoughtful look on his face.

Hyunseop was barely able to suppress his anger.

“Ugh! I guess I shouldn’t have sold 10%.”

Nam Woon-myung, who had approached without anyone noticing, whispered to Hyun Jae-seop.

“Do you think this is the end? With CSK’s power… wouldn’t it be very easy to get proxy voting rights from foreign funds that have invested domestically?”

So far, with the exception of special funds and special issues, foreign investors have not interfered with management. So in fact, there has been no problem in not caring about foreign shares.

But the situation changed drastically with the emergence of CSK. CSK has the power to persuade and entrust other foreign funds.

The final result was 37 to 35. The dismissal of the CEO was approved.

Journalists quickly noticed the ramifications of this result.

It is extremely rare for a domestic conglomerate to successfully take over a subsidiary of a large corporation through hostility. Although today’s situation was supported by the former chairman’s wife, Ms. Joo Do-hee, Mega Asset Management is clearly an external organization.

The successful hostile takeover, neither internal nor external, was an unprecedented event in the history of Korean corporations.

“Then what happens to Bukseong Distribution?”

“Are there any other affiliates connected to Bukseong Distribution?”

The reporters’ questions instantly flared up.

Bukseong Distribution was not a very important company within the Bukseong Group. However, it was a company included in a circular investment chain that included Bukseong Chemical Energy. They say that there is no direct impact since the investment chain was cut off this time… … .

Nam Woon-myung answered reporters’ questions.

“Bukseong Distribution is the largest shareholder of Bukseong Refinery.”

Although the results will come out only if the stakes are calculated strictly, it is certain that Bukseong Oil Refinery has also been transferred to Mega Asset Management.

“Then what about Bukseongjeongyu?”

“Didn’t Bukseong Oil have a large stake in Bukseong Construction?”

“The Bukseong Construction stake of Bukseong Oil was entrusted to a private equity fund? Was that private equity fund… KMM or Korea Asset Management?”

The reporters started to make a fuss.

Yoon Se-bin answered.

“This is Korea Asset Management.”

“Then what happens?”

“The shares in Bukseong Construction received by Korea Asset Management have a call option attached that requires them to sell them back to the original owner, Bukseong Oil, or an organization designated by Bukseong Oil within five years.”

But today, Bukseong Oil Refinery was transferred to Mega Asset Management. Bukseong Oil Refinery can transfer its stake to Mega Asset Management by using a call option.

As a result, the conditions were created for the Bukseong Construction civil war to break out again. This is because the ownership stake in Bukseong Oil, which had been completely unrelated to the first civil war, was suddenly revived.

“Ugh!”

Hyunjae Seop suddenly sat up.

After glaring at Nam Woon-myung and Yun Se-bin with eyes filled with discomfort, he left the auditorium with his mouth tightly shut.

Even though reporters flocked in, Hyunjae Seop did not add a word.

Nam Woon-myeong greeted Joo Do-hee first.

“Thank you for your help.”

“What, this is all I can do.”

Joo Do-hee answered quietly.

Eun-i came up to me and asked softly.

“What happens now?”

“Chairman Hyeon-seop’s monopoly has just been broken. From now on, we will enter a full-scale civil war.”

“Chairman Hyeon-seop won’t step down easily, right?”

“That’s right. But money and numbers don’t lie. The one with the most shares wins. Bukseong Foods will also benefit. Oh! If you have the money… why don’t you buy Bukseong Pharmaceutical’s paid-in capital increase shares?”

Eun-i Hyun smiled at Nam Woon-myung’s suggestion.

“I will only trust Director Nam.”

One side had a happy ending, the other side had a painful ending.

* * *

Even after the owner of Bukseong Distribution transferred to Mega Asset Management, there were no surprising changes.

The biggest change was that Mega Asset Management held a majority of the board of directors as a result of the shareholders’ meeting and the CEO was replaced with someone from Mega Asset Management.

If the new owner of Bukseong Distribution had been a different group, the repercussions would have been much greater, but unfortunately, the financial world’s perception of private equity funds was not like that.

Private equity funds are places where shares stay for a while and then go, and the shares acquired by Mega Asset Management can be transferred to other companies, especially Bukseong Group, at any time by paying a higher price.

Mega Asset Management also did not pursue major changes right away.

Therefore, Bukseong Distribution could not be completely free from the influence of Bukseong Group, which had appointed some of its board members. In particular, since its business methods had been largely dependent on Bukseong Group up until now, it was not in a position to easily declare its withdrawal from the group.

The same situation was true for Bukseong Oil. Nam Un-myeong did not touch Bukseong Oil’s management at all. So, on the surface, Bukseong Distribution and Bukseong Oil still maintained a close relationship with the Bukseong Group.

Signs of change came from an unexpected place.

“Look here!”

Jeong Seon-yeong and Han Hye-rin were laughing while looking at the monitor.

An interesting article was floating on the monitor.

“Tesla CEO declares participation in 3rd clinical trial of Free1 developed by Bukseong Pharmaceutical!”

“What is this?”

Han Hye-rin had no idea what the article was about. The Tesla CEO is a global influencer and a wealthy person. How could such a person directly participate in a high-risk new drug clinical trial? It was completely incomprehensible to ordinary people. Of course, it is questionable whether there is anyone on Earth who can understand that person’s way of thinking.

“Free1 is an incredible new drug.”

“What are you using it for?”

Jeong Seon-yeong glanced at Han Hye-rin’s body. It was somewhat thin, the body type that women most desire these days. But she didn’t want to lose.

“An anti-obesity drug. It’s a drug that helps you lose weight ideally without suffering from appetite.”

“Oh my? Is there such a medicine?”

With the participation of Tesla’s CEO, BukSung Pharmaceutical’s new drug Free1 has received global attention.

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