Golden Spoon Investment Portfolio - Chapter 262

—————
This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
—————

262. Damn it all!

Yeongdeungpo, Seoul—Donghae Group Headquarters.
Chairman Woo Yong-gap sat at a spacious mahogany desk reviewing documents for approval when Jeon Hae-cheol, the Chief Secretary, knocked and entered.
Chairman Woo Yong-gap, holding approval documents in one hand, looked up at the Chief Secretary approaching him.

“What is it?”
“There’s something I need to discuss with you.”

Chairman Woo Yong-gap studied the Chief Secretary’s tense expression for a moment, then removed his reading glasses and set them on the documents.

“Have a seat on the sofa and tell me.”

Chairman Woo Yong-gap rose from his desk and walked around it, settling into the central seat on the sofa. The Chief Secretary followed and sat to his right.
Chairman Woo Yong-gap crossed one leg and leaned back as he spoke.

“Well then, what is this matter you wish to discuss?”
“It concerns Executive Director Woo.”

At this, Chairman Woo Yong-gap’s brow furrowed slightly.

“Has that fellow caused another incident?”

The Chief Secretary, now receiving the Chairman’s attention, leaned forward and vented his pent-up frustrations.

“In the process of overseeing the acquisition of Midopa Department Store, he’s been taking far too many reckless risks.”
“Is this about raising the public acquisition price from fifty thousand won to seventy thousand won?”

Chairman Woo Yong-gap asked, his eyes narrowing.

“That’s not all. There’s also the matter of conducting transactions with Baekje Industrial without your approval, and just recently, arranging to bring in substantial additional funds from Hong Kong Peregrine Securities. There are far too many issues to count.”

Though the Chief Secretary had deliberately enumerated Woo Ho-geun’s problems, Chairman Woo Yong-gap’s response was surprisingly indifferent.

“When you undertake major endeavors, things rarely unfold exactly as planned, do they?”
“…!”
“And in rapidly evolving circumstances, it’s far better to respond with quick thinking than to hesitate and lose the initiative. There’s even a saying—act first, report later. Isn’t that so?”

In the past, Chairman Woo would have immediately raised his voice, but now he subtly shielded his son Woo Ho-geun, which greatly startled Chief Secretary Jeon Hae-cheol.
Meanwhile, Chairman Woo Yong-gap continued speaking as if it were nothing of consequence.

“And while he did proceed with matters on his own initiative, he didn’t hide anything in secret—he reported the facts directly and obtained my approval. I don’t see any particular problem with it.”
“However, receiving additional substantial funds from Hong Kong Peregrine Securities this time is problematic. The terms are far too unfavorable, and even if we succeed in acquiring Midopa Department Store and Daheung Group, the aftereffects will be considerable.”

Chief Secretary Jeon Hae-cheol spoke with force in his voice, expressing his concerns strongly.
Yet Chairman Woo Yong-gap’s expression remained unchanged, still appearing unconcerned.

“To land a big fish, we must be prepared to accept some losses on our end, mustn’t we?”
“….”
“Even if it becomes somewhat strained, once we devour Daheung Group, we’ll be able to handle everything without issue. There’s no need to worry excessively.”

He then spoke in a manner that actually defended Woo Ho-geun’s actions.

“You must have heard earlier that a statement was released in the name of the Federation of Korean Industries’ chairman group opposing this M&A attempt.”
“…Yes.”
“In a situation where it’s now too late to turn back, we need to act boldly—either before the atmosphere worsens further or before the Federation of Korean Industries intervenes and completes the matter.”
“But….”

Chairman Woo Yong-gap raised one hand, cutting off Chief Secretary Jeon Hae-cheol mid-sentence, and fixed him with a stern gaze.

“I assigned you to Executive Director Woo’s side to help ensure the success of this endeavor, not to obstruct it.”

The moment he heard those words, Chief Secretary Jeon Hae-cheol realized that Chairman Woo Yong-gap’s gaze upon him had changed from before.

“Executive Director Woo did proceed with matters first, but he already obtained my approval beforehand. For you to come here and engage in this sort of gossiping, tattling behavior—frankly, it’s unsettling.”

Confronted by the cold distance in Chairman Woo Yong-gap’s eyes, Chief Secretary Jeon Hae-cheol was greatly flustered and couldn’t even speak properly.
Despite more than twenty years of loyal service at his side, he now painfully realized the bitter truth: blood relations came first, and he was merely a tool.
Whether Chairman Woo Yong-gap understood these feelings or not, he leaned back against the sofa and spoke in a dry voice, as if issuing a warning.

“I do value you, but that doesn’t mean you should cross the line that must be observed.”
“…Yes. It seems my judgment was indeed lacking.”

Chief Secretary Jeon Hae-cheol answered, struggling to conceal his disappointment and humiliation.
As he lowered his head, Chairman Woo Yong-gap cast an indifferent gaze upon him.

“Yes. Remember what I’ve said today, always.”
“I will.”

A knock sounded at the door, and the Female Secretary entered.

“Executive Director Oh has arrived.”
“Show him in.”

After the Female Secretary left, Woo Ho-geun stepped into the Chairman’s Office, wearing a designer tie in navy blue.
Woo Ho-geun glanced at Chief Secretary Jeon Hae-cheol, who was already present, then lifted his chin with an arrogant expression.

“It seems the two of you were in the middle of a conversation.”
“We’ve just finished. Have a seat.”
“Yes.”

Woo Ho-geun walked to the seat across from Chief Secretary Jeon Hae-cheol, unbuttoned his jacket, and sat down comfortably.

“What brings you here?”
“I won’t have the exact figures until this afternoon, but the numbers for the public tender offer through this morning have come in, so I came to report.”

Chairman Woo Yong-gap, who had been curious about this anyway, straightened his posture and asked.

“Tell me. How many shares have come in?”
“We’ve exceeded 1.6 million shares so far, and we’re expected to easily surpass 2 million shares by closing.”
“Two million shares. That would be roughly 13% of the total equity.”
“That’s correct.”
“Combined with what we’ve already secured, we’ve surpassed 34%.”

Woo Ho-geun’s shoulders broadened with confidence.

“Yes. With this, we’ve firmly established our advantage over the Daheung Group.”
“Well done.”

Chairman Woo Yong-gap also wore a satisfied expression and offered hearty praise.
Meanwhile, Chief Secretary Jeon Hae-cheol could not share in the celebration. His mind calculated the expenditure required by this public tender offer, and his expression darkened.
The offered public tender price had been 70,000 won per share, so even 2 million shares amounted to a staggering 140 billion won.

‘This alone, not to mention the funds already spent accumulating shares… it’s absolute madness.’

At the staggering sum, Chief Secretary Jeon Hae-cheol shook his head inwardly.
According to the ledgers, Midopa Department Store’s asset value was merely around 420 billion won.

‘That figure itself only swelled after acquiring the former Sampoong Department Store Site.’

Of course, if they were to conduct fresh appraisals of the department stores in Myeongdong, Cheongnyangni, and Sanggye-dong, the asset value would likely surge well beyond 500 billion won.
Yet even accounting for that, the fact remained that they had purchased the stake at an exorbitant price.
Nevertheless, the reason such a gamble was possible was that securing management control of Midopa Department Store would enable them to swallow the entire Daheung Group—worth several trillion won—whole.
The problem was that expenditures had grown so massive the group’s cash reserves had nearly dried up, and while they had gained an advantage, it was difficult to guarantee they had completely secured management control of Midopa Department Store.

‘Unless we secure 50% plus one vote, no one knows what the shareholders’ meeting will decide.’

But offering advice seemed pointless given the atmosphere, and more than anything, the sense of betrayal and disappointment he had felt from Chairman Woo Yong-gap moments ago was simply too profound.
So Chief Secretary Jeon Hae-cheol chose to hold his tongue rather than invite criticism by speaking uncomfortable truths.

‘I never imagined I’d be pushed out like this.’

While Chief Secretary Jeon Hae-cheol wore a bitter expression inwardly, Woo Ho-geun, whose shoulders had risen with confidence, laid out his plan boldly.

“Even after the public tender offer concludes, we plan to continue accumulating shares and demand that Midopa Department Store convene an extraordinary shareholders’ meeting.”

Chairman Woo Yong-gap nodded slightly.

“That’s the way. In times like these, you must never loosen the reins—you push relentlessly to the end, giving the opponent no chance to catch their breath.”
“Absolutely right, sir.”
“There shouldn’t be any issues securing additional funding from Hong Kong Peregrine Securities, correct?”
“I’ve already concluded discussions with Vice President Hurd, and 60 billion won will be deposited today.”

Seeing everything proceeding smoothly without a hitch, Chairman Woo Yong-gap smiled with satisfaction.

“I’ve already spoken with Director Lee, so we’ll have 42.7 billion coming in from loans and payment guarantees contributed by other subsidiaries.”
“Understood, sir.”

Chairman Woo Yong-gap spoke while leisurely crossing his legs.

“To solidify the atmosphere before the extraordinary shareholders’ meeting, we’ll need somewhat more capital.”
“To continue in-market purchases and secure the stakes of major shareholders who haven’t yet made their decision, we’re indeed short on ammunition.”

Chairman Woo Yong-gap stroked his chin thoughtfully for a moment, then turned his gaze toward Chief Secretary Jeon Hae-cheol, who sat quietly with his mouth closed.

“Chief Secretary.”
“Yes, sir. What is your command?”
“Secure as much private financing as possible using the manufacturing plants in Incheon, Suwon, Busan, and Bupyeong as collateral.”

Jeon Hae-cheol’s eyes widened in surprise.

“Using the manufacturing plants as collateral, sir?”
“Yes. Ideally, I’d secure bank loans, but we don’t have that luxury. Even if the interest rates are steep, we’ll have to resort to private financing. Once we acquire Daheung Group, we can simply liquidate the unnecessary assets and repay the debt. For now, let’s proceed with whatever we need to do urgently.”

It felt like hearing someone say they’d repay gambling debts with winnings from the next bet.
Jeon Hae-cheol was anxious, uncertain whether things would unfold so smoothly, but he suppressed his concerns and simply complied with the orders.

“Understood, sir.”

Chairman Woo Yong-gap burst into hearty laughter, swollen with anticipation.

“Just a little longer, and I’ll truly have Daheung Group in my hands. My heart is racing! Ha ha!”

Woo Ho-geun replied with a self-satisfied smile.

“Didn’t I tell you I could make this succeed?”
“Yes. Keep doing exactly as you have been.”

Watching the two men as if they’d already completed the merger of Daheung Group, Jeon Hae-cheol continued to suppress the mounting anxiety he felt.
Just then, there was a knock, and Oh Sang-hyun entered and bowed his head.

“My apologies for the interruption.”

Jeon Hae-cheol, seated across from him, saw the urgency written all over Oh Sang-hyun’s face and felt his heart sink.

“What is it?”

As the pleasant atmosphere shattered, Woo Ho-geun frowned and asked with irritation in his voice.
Oh Sang-hyun quickly straightened himself and reported the urgent news that had just arrived.

“Midopa Department Store has just announced a public notice that it will sell all 32.8% of its Daheung Textile shares to Daehung Venture Capital.”
“…!”

The unexpected news plunged the Chairman’s Office into sudden silence.
But it was only momentary.
Once the three men grasped the situation, they could not hide their expressions of shock.

“Is that actually true!”

Woo Ho-geun was the first to spring to his feet, his voice sharp with alarm.

“Yes, sir.”

Oh Sang-hyun hunched his shoulders as though he were a criminal confessing his sins.
Chief Secretary Jeon Hae-cheol, who had sensed an ominous foreboding from the moment Oh Sang-hyun entered, swallowed hard and squeezed his eyes shut.
Without the textile stake, even if they poured massive capital into acquiring control of Midopa Department Store, it would be impossible to swallow the entire Daheung Group.
Chairman Woo Yong-gap wiped the smile from his face entirely, his fists clenching so tightly his knuckles threatened to draw blood.

“Such a cheap trick. I’ve been hit squarely from behind.”

Chairman Woo Yong-gap ground his teeth together, and unable to contain his rage any longer, he brought his fist down hard against the sofa’s armrest.

“Damn it all!”

—————
This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
—————