The Magician’s Memorial - Chapter 306



Only Noblemtl

306. Struggling (5)

next day.

Two presidents of Sacheonri Group visited Taewo Group.

Although they were ranked among the top 50 in the business world, they were still the heads of a group.

Of course, they were people whose movements had to be serious, but the issue of LNG power plant development was a topic enough to make them feel light.

“This is my first time seeing you, Chairman Yu. Thank you very much for coming to Taewoo Group’s headquarters.”

“I couldn’t be more grateful. I am truly grateful that you readily welcomed me despite my sudden visit request. I visited once when Chairman Kim Tae-jung was there, but the atmosphere has changed a lot since then.”

It was Chairman Yoo speaking while looking at the luxurious interior of the chairman’s office.

This is why I wanted to change the interior. What does Chairman Yoo think of me?

You wouldn’t think that a third-generation chaebol wasted money on interior design without realizing it was a waste of money.

Well, that image wasn’t bad.

Because we were able to make it known that Taewoo Group was overflowing with money.

“As you may have heard, I would like to proceed with the LNG power plant together with the Sacheonli Group.”

“I can’t tell you how surprised I was to hear that. Now that coal power plants are gradually being shut down due to environmental regulation issues, it is clear that LNG power plants will become a new source of food for the Sacheonli Group.”

It was Chairman Yoo who spoke while holding my hand.

His hands were full of calluses, and there was a lot of coal grime that couldn’t be removed no matter how much he washed them.

Chairman Yoo is called a legend in the Korean coal industry.

Although he was the co-chairman of Sacheon-ri Group, he was also someone who still spent most of his time in the field.

“Thank you for your positive consideration. Taewoo Engineering & Construction could proceed independently, but we looked at several companies as candidates for coexistence with other companies. However, there was no group as outstanding as Sacheolli Group.”

“This is the most flattering compliment I have ever heard in my life. It feels better than hearing a compliment from my child that you think so favorably of our Sacheon-ri Group.”

The atmosphere was very friendly.

When I heard that Chairman Yoo would visit Taewo Group, I was a little worried.

I also wondered how I could persuade him if he completely negated the contract promised to Chairman Lee.

But looking at the current atmosphere, there seemed to be no need for persuasion.

But this was my mistake, seeing Chairman Yoo as too soft.

Chairman Yoo has done nothing to bring Sacheonri Group to its current position.

Of course, he was a very suspicious person, and he suddenly asked me a sharp question.

“But if you build an LNG power plant, will there be anything left over? As you know, you can’t just transport it like coal, and to transport LNG, you have to use an LNG-specific ship, so the price is quite high.”

“We have already concluded talks with Russia. We can receive a stable supply of LNG at a very low price. And in the case of LNG carriers, we plan to operate them directly from Taewoo Group.”

I even owned shares in a Russian energy company.

Even without a stake, it was possible to supply LNG to Korea at a low price by taking advantage of the close relationship with Russia.

And there was no need to worry about the carrier.

They had purchased ships from Hyunjin Shipping and were also acquiring items auctioned off at the shipyard.

“Are you planning to expand into the shipping business at Taewoo Group?”

“It’s not that big of a scale, and we plan to operate it only at a scale that can stably move Taewoo Group’s logistics. The same goes for LNG. And a Russian energy company will set up a corporation in Korea within a few years. So, the LNG price and “You don’t have to worry about supply.”

It was an answer everyone could understand.

It was also a possible answer because I had connections in various places.

“I would like to ask one more question: What size do you anticipate the LNG power plant to be?”

“We are expecting a scale of more than 1GW, and the construction cost will be approximately 1 trillion won.”

“The scale is too big. To get 50% of the shares from Sacheonli Group, wouldn’t we have to invest more than 500 billion won? That’s too much.”

The world economy was in dire straits due to the Lehman crisis.

At a time like this, there were not many companies willing to invest 500 billion won.

In particular, it was a burdensome amount for Sacheonli Group, which is ranked in the top 50 in the business world.

“So, I’m thinking of creating a consortium. We’ve already had some preliminary talks, and we’ve received a promise to invest about 500 billion won from American capital.”

“So foreign capital will have a 50% stake? Wouldn’t that be too risky?”

“To be exact, we will own 49% of the shares, and the remaining 51% of the shares will be shared between Taewoo Engineering & Construction and Sacheolli Group. And foreign capital will not interfere with management to any extent, so you do not need to be too concerned.”

Foreign capital 49%.

Of course, the money came from financial companies related to me, including fintech banks.

So, I would own 75% of the shares, and the Sacheonli Group would own the remaining 25%.

“So, does this mean that our Sacheonli Group will own 25% of the shares? Then, we will need to invest 250 billion won, which is difficult to finance right now.”

“That’s why Taewo Group will help you sell the pharmaceutical company. And for any shortfall, Taewoung Securities can provide you with a low-interest loan.”

“······Honestly, the conditions are very good. I’m curious as to why they offer such good conditions.”

If the conditions were too good, suspicion would arise.

In order to erase any doubt, several conditions had to be put in place.

“Please let the Sacheon-ri Group solve the regulatory issues for the construction of LNG power plants. If the Taewo Group steps forward, it will become too big an issue and we will not be able to move easily.”

“Although the LNG power plant is said to be an eco-friendly power plant, it is certain that environmental groups will raise issues. And local residents near the power plant may protest.”

“I would like to leave that matter to Sacheon-ri Group.”

Chairman Yoo cleared his doubts.

If you interpret what I said differently, I am asking you to act as a kind of insult.

Transactions between companies were based on give and take.

If this rule was violated, suspicion would arouse, so I set new conditions and met them.

Taewoo Group borrows money.

In return, Sacheonli Group resolves issues such as regulations, location, and environmental groups.

“Now I understand why the Taewo Group is trying to join hands with a semi-large company like us. Certainly, when a leading business group takes the initiative, a lot of scoundrels are bound to attack it.”

“If you just wave your hand to catch a fly, you may end up getting criticized a lot.”

“Of course. When you catch a dung fly, you have to swing a fly swatter. Our Sacheon-ri Group has many fly swatters.”

It was Chairman Yoo who passed over perfectly.

Chairman Lee, who had been quietly watching until now, quickly stepped forward.

“Then why don’t we just sign a contract? Chairman Yoo, you also agree, right?”

“I agree. It is a proposal that must be accepted for the future of the stagnant Sacheonli Group. Chairman Kim, I will send a working team to sign a contract today. Also, can I sell Sacheonli Pharmaceuticals for 50 billion won?”

After all, he didn’t just ascend to the position of chairman.

The Maginot line for Sacheonli Pharmaceuticals that we expected was 50 billion won, and Chairman Yoo called the Maginot line amount accurately.

“We will acquire Sacheolli Pharmaceutical for 50 billion won.”

“I am sorry to say this from the standpoint of selling the company, but please take good care of the employees of Sacheonli Pharmaceutical.”

“We will guarantee the employment of all employees except executives. Of course, we cannot take care of all employees who seem to have some problems, but we promise that less than 5% of employees will be fired. In return, we will provide a small increase in salary. I’ll do it.”

“If those conditions are met, the employees will be satisfied. But have you decided which company to sell to?”

I couldn’t say I was selling it to Centrian.

It was better to hide it for now, lest they know after handing over the Sacheon-ri restrictions to the Centrians.

“We are discussing with several parties. If the sale is delayed, Taewo Group will take care of all salaries and benefits, so you don’t have to worry.”

“After going to Sacheon-ri Group, I can become a member of Tae-woo Group for a while. Hehe, Sacheon-ri Pharmaceutical employees will actually like it.”

“I know very well how well Sacheonri Group takes care of its employees. Please don’t say things like that.”

We ended the meeting on a warm note with a handshake.

As promised, the Sacheon-ri Group sent a working-level team before the afternoon and signed a contract for the development of an LNG power plant and a contract for the sale of Sacheon-ri Pharmaceuticals.

* * *

two days later.

The head of the planning office came to me with a report on Sacheon-ri Pharmaceutical.

“The acquisition of Sacheonli Pharmaceuticals has been completed. We asked the media to handle it as quietly as possible, and only a few very small articles were published.”

“It’s not good for it to become public knowledge for no reason. However, it would have been difficult to move the media, but they managed to cover it up.”

“The government actively helped us. They say that even though we did not request it, the government put pressure on us on its own.”

Probably compensation for Tamiflu.

The government had quite a bit of fun securing 10 million doses of Tamiflu.

So, he probably wanted to compensate Taewo Group, and he seemed to have helped this acquisition pass quietly.

“The Blue House and the ruling party are not ungrateful people though.”

“To be honest, it is a very modest reward compared to what we gave.”

“If you try to do business with the government, it could cause trouble later on. It’s best to just get help without being noticed. Would it be possible for Sacheolli Pharmaceutical to produce Tamiflu?”

Dr. Kim Jang-woo and CEO Seo Jeong-jun secretly visited Sacheon-ri Pharmaceutical yesterday.

They would have carefully checked the facility and confirmed the possibility of producing Tamiflu.

“According to CEO Seo Jeong-jun, it is possible with just a little bit of work. He also says that a prototype can be produced within a week at the earliest.”

“Then mass production will be possible in about 15 days. For now, Tamiflu can be effective as a kind of strategic weapon. Shouldn’t we row as much as possible while we can benefit from it?”

The planning director nodded strongly.

Although it is said that Sacheolli Pharmaceuticals was acquired for only 50 billion won, from an entrepreneur’s perspective, he could not do business at a loss.

We had to recoup the money before the swine flu epidemic ended.

To do this, we had to start producing and selling Tamiflu as quickly as possible.

“Already this morning, a Swiss pharmaceutical company sent an official letter to the U.S. and European governments stating that it would allow the sale of Tamiflu.”

“The official letter arrived much sooner than expected.”

“It is assumed that the U.S. government was behind the move. Since the U.S. is the country suffering the most from the new flu, wouldn’t the government have put pressure on it?”

“That would be very likely.”

“I am confident. The U.S. Ambassador even requested a meeting with the Chairman today.”

Even the US ambassador moves?

There was a more than 90% chance that the planning director’s prediction was correct.

What should we take from the U.S. government this time?

Without realizing it, my mouth kept watering and I swallowed loudly.