Max-Level Son of a Chaebol Family - Chapter 79
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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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79. Negotiating with Wooguang (2)
The Grim Reaper peered into the Taeseong Chemical President’s Office and chuckled with amusement.
[What does that young lady do? She’s dressed up all fancy like a courtesan and keeps chewing on something with that smacking sound?]
‘Ah, that’s the Cafe Lady chewing gum.’
[Gum? What a curious thing indeed.]
When they suggested having tea in the president’s office to discuss the conditions for acquiring Taeseong Chemical, the Wookwang Subsidiary Presidents all came flooding in as well.
Like people deliberately trying to be difficult, each one demanded a different type of tea.
So President Sim, annoyed, called the Factory Area Cafe.
That’s how the Cafe Lady ended up making a delivery on New Year’s Day.
“Who ordered coffee~”
The Cafe Lady looked around while chewing gum with smacking sounds.
“Ahem, here.”
“Here too.”
“Over here as well.”
The Wookwang Subsidiary Presidents, who had been stealing glances at the Cafe Lady’s figure, raised their hands.
When she unfolded the Wrapping Cloth, a Metal Tray painted with rose pictures appeared along with a Thermos and Coffee Container.
President Sim politely guided her toward Chairman Kim of Wooguang.
“Please take this gentleman’s order first. He said Espresso Double Shot.”
“Espres… what?”
“Espresso Double Shot. Serve it Italy style.”
“So how much sugar and cream?”
“None. Small amount, strong taste, very very strong coffee.”
“You sure make things damn complicated. You’re just asking for Black Coffee, aren’t you?”
The pretty Cafe Lady chewed her gum with smacking sounds while generously mixing the coffee.
A whopping five spoonfuls of coffee in half a cup of Water!
The Cafe Lady handed the strong Black Coffee to Chairman Kim of Wooguang and winked with one eye.
“If you don’t like it, order coffee delivery from Italy. Next customer?”
Thanks to the gutsy Cafe Lady, Chairman Kim of Wooguang let out a hollow laugh.
“Is this Taeseong’s way? I can see what level of customer service to expect.”
“Instead of serving cheap barley tea during the New Year holidays when even the secretary isn’t working, ordering expensive coffee shop coffee would be sufficient to show sincerity, don’t you think?”
President Shim, who had ordered duldul-dul from the cafe lady, smiled broadly.
“You’ll probably be amazed by the sincerity when you hear the acquisition terms Taeseong has prepared. Chairman Kim, you’ve hit the jackpot today.”
“Cut the bluffing. I’m planning to get up after just one cup of tea.”
“Oh my. Now I see why you ordered coffee as bitter as gentian root.”
President Shim sipped his sweetly prepared milk coffee.
“You’ll easily need to drink for three hours. Hot water is free, so feel free to pour plenty.”
“You’d better present terms that would make my company want to agree. I have quite a few subsidiaries left to visit today.”
It meant he had no intention of wasting time.
“Miss, did you hear that? Looks like I’ll be selling coffee to these people for three hours. Are there any delivery orders backed up?”
“One, two, three, four… forty-one. Let me use the phone once. I need to tell Madam unnie to cancel the deliveries, right?”
She was quick with calculations.
Ring ring!
“One cup of ssanghwa tea with two egg yolks floating in it for the secretary office too. Please deliver it.”
“Oh my, then that’s a thank you for me~”
And so the full-scale discussion regarding the Taeseong Chemical acquisition negotiation began.
* * *
The Wookwang subsidiary presidents began nitpicking every single detail.
“I can’t believe you’re saying you’ll hand over not only the goods piled in the warehouse but even the inventory. Shall we carefully examine the dumping conditions first?”
“Saying you’ll hand over business contacts doesn’t mean you’re just going to pass along contact information and call it done, does it? How do you plan to handle the promissory notes?”
“From raw materials to transport vehicles. How will you dispose of the movable and immovable assets?”
Each time they questioned specific details, President Shim pulled out stacks of documents from the cabinet and handed them to the subsidiary president who had made the respective comment.
“Why are you handing this to me? Give me a verbal summary report.”
“The equipment list and safety inspection records are missing, aren’t they?”
“Compared to all your big talk, it seems you haven’t properly prepared for negotiations?”
President Shim’s face turned red and blue.
He had plenty of material to refute them.
Every time that happened, President Sim endured it by fidgeting with the note secretly delivered by the Cafe Lady.
【Push all the troublesome handover procedures onto Wooguang. Tell anyone curious to find out for themselves.】
【Negotiate directly with the decision-maker for the Taeseong Chemical acquisition. Don’t negotiate with the subsidiary presidents.】
【From the moment they sign the negotiation documents, you must secure a promise that Wooguang will take responsibility for and manage everything.】
【What do we do in times like this? Bring out the decision-maker! Cut to the chase! You know, right?】
【It’s fine even if we lose hundreds of millions. Just take care of the people. Just get the re-acquisition negotiation conditions approved.】
President Sim took a long deep breath.
“If you’re curious about anything, look for it yourself here. I won’t stop you.”
President Sim pointed to the mountain of documents piled up on the office desk.
The Wooguang subsidiary presidents swarmed over and rummaged through the documents.
“This is the Raw Material Supply Records!”
“Oh, there’s also the Promissory Note Settlement Ledger!”
“Even the Taeseong Shampoo Formula Adjustment Research Report!”
These were precious documents that were never disclosed to outsiders.
The Wookwang Subsidiary Presidents’ eyes gleamed.
They were busy thrusting the materials they found at President Sim and asking questions.
“What were the results of changing the material mixing ratios? Is there much difference?”
“I’d like to ask about the Taeseong Chemical Sales Ledger and Operating Profit Statement.”
“There’s the Taeseong Toothpaste New Product Development Report. I’d also like to check the Prototype Samples.”
President Sim left the Woogwang Affiliates presidents alone and sat on the sofa.
Like Chairman Kim, he crossed his legs and finished drinking the cold coffee.
All this time, he had been so harassed by the demands of the Woogwang Affiliates presidents that he hadn’t even had time to drink a cup of tea.
“Chairman Kim, does Wooguang originally make decisions by majority vote?”
Whether Wooguang’s Chairman Kim raised one eyebrow or not.
“Our Taeseong follows Chairman Cha’s decisions completely. You saw it at the Year-End Night, didn’t you?”
Grandfather had publicly declared in front of people that he would hand over Taeseong Chemical to Wooguang.
The subsidiary presidents didn’t argue or object to that decision.
Rather, they supported Grandfather and actively helped attract investors.
“Leave only the person responsible for the Taeseong Chemical acquisition negotiations in this room and have everyone else step back.”
“Why should I do that?”
“How can we have a proper conversation about acquisition conditions like this?”
“The person who needs to read the room isn’t me, it’s you. You’re also the one who needs to persuade me.”
Chairman Kim laughed.
“You said you received full authority from Chairman Cha regarding the Taeseong Chemical acquisition negotiations, right? It would be troublesome if the negotiations fall through like this.”
“I won’t have any trouble. I’ve written my resignation.”
“Resignation?”
Instantly, the Wookwang Subsidiary presidents who had been shouting at the top of their lungs all shut their mouths at once.
But the brief silence returned as an even greater murmur.
It was a bold move that President Sim had devised to deal with Wookwang’s Chairman Kim.
“Do you see this?”
What President Sim was waving around was the bundle of resignation letters that the Taeseong Chemical Employees had signed earlier.
On the very top page, the name ‘Sim Won-cheol’ was clearly written.
“As you all know, Taeseong Chemical is being handed over overnight, right? What choice do we have? We have to step down.”
“Didn’t you already choose Taeseong’s Youngest? You could just go under him.”
“Could I, who was president of Taeseong Chemical, go as an executive at Taeseong Construction? Or could I demand the position of Taeseong Construction President that His Excellency has already recognized?”
“Hmm, then under the Eldest Son or Second Son…”
“Would the Chairman look favorably upon that?”
President Sim shrugged his shoulders.
“Decide. Will you dismiss them and meet with me privately, or will you decide by majority vote?”
“Everyone be quiet.”
When Chairman Kim raised his hand, the Woogwang Affiliates presidents immediately shut their mouths.
A deathly silence flowed without a single murmuring sound.
“Everyone back to your seats.”
They followed Chairman Kim’s command in perfect order.
It was hard to believe these were the same people who had been causing such chaos just moments before, they were so calm.
All the commotion up until now had been a ploy to gain advantageous ground in the Taeseong Chemical acquisition negotiations.
“Cha Tae-seong might hand over companies unilaterally, but I’m a bit different. This is our Wookwang’s style.”
Chairman Kim tilted his chin slightly.
“Continue. What’s your real intention behind handing over Taeseong Chemical at such a low price?”
“Whether Taeseong goes bankrupt or not, I don’t care because it’s none of my business.”
Oh, that’s what I told him to say if Woo-gwang didn’t trust him – to just blurt it out! And he’s using it exactly as I said!
“Whatever happens to Taeseong Chemical, whether Taeseong suffers losses in the hundreds of millions or not, I don’t know anymore – go ahead and stab me!”
That’s right! Well done!
“If today’s Taeseong Chemical acquisition negotiation falls through, Chairman Cha will probably take charge of this matter himself, right?”
“Taeseong’s acquisition negotiation team led by Cha Tae-seong. Then why did you obtain the negotiation rights for Taeseong Chemical’s acquisition?”
“I needed that level of authority to have a private meeting with Chairman Kim. Just take all of this!”
President Sim slammed down the coffee cup he was drinking.
“It’s an acquisition negotiation that has to happen anyway, and if we do it now, we can gain not only hundreds of millions in profit but also get such precious extras – why are you hesitating? I find that even harder to understand.”
The mountain of documents that President Sim pointed to.
They were Taeseong Chemical’s top secret documents.
The Woogwang affiliate presidents who confirmed them with their own eyes nodded.
“From tomorrow, you’ll have to negotiate directly with Chairman Cha. For at least a few months, at most a few years, Taeseong will proceed with acquisition negotiations while openly running the factory hard to sell products. Of course, all those documents will be disposed of.”
President Sim clapped his hands together.
“You’re lucky. If you hadn’t come today, you wouldn’t have gotten this windfall. But there are a few conditions.”
“Tell me.”
“I want the acquisition negotiation finished before my submitted resignation is processed.”
Since there was a request to finish it by today.
“There’s more. The Taeseong Chemical people who haven’t submitted resignation letters yet…”
“Who knows if they’re Taeseong’s spies. Fire them all.”
The matter of what to do with the Taeseong Chemical people who couldn’t come to work during the holidays was also resolved. Done.
“To take all of Taeseong’s stockpiled supplies and top secret materials, we’ll need to use some tricks. Using facility inspections, defect repairs, or promissory note processing as excuses, Chairman Cha will…”
“From the moment I sign the acquisition contract, everything belongs to Woogwang and is managed under Woogwang’s responsibility. Taeseong can’t lay a finger on anything.”
“Then we’ll need to write that into the special provisions.”
Perfect understanding with just a hint.
As expected, negotiating directly with the decision-maker makes everything proceed smoothly.
‘Now even if a fire breaks out, they won’t be able to hold Taeseong responsible!’
President Sim gulped down his dry saliva.
“There’s one most important issue remaining.”
“Equity share settlement.”
Like most problems in the world, the most important thing in corporate acquisitions is also the money issue.
“I’ll acquire all of Taeseong’s equity shares.”
“That’s at least 15 billion won. I understand you have no financial capacity due to the steel business. Would that be possible?”
President Sim probed with a subtle tone.
“How about just transferring Wookwang’s equity shares to Taeseong and receiving cash?”
“I can’t do that.”
Chairman Kim put down his coffee cup.
“My reputation has been utterly crushed, so how could I hand over Taeseong Chemical nicely? Not a chance.”
“I understand. Then the 15 billion won…”
“With promissory notes.”
President Sim was momentarily speechless.
“Surely not all 15 billion won?”
“Is there any reason it can’t be done?”
It was an utterly shameless answer.
“It seems like a condition you’ve never considered before. There’s no need to be so flustered… hmm?”
Rustle.
President Sim took out a piece of paper from his pocket with trembling hands.
The paper had this written on it:
【1-month, 3-month, 6-month, and 1-year maturity promissory notes shall each be 25%.】
【If promissory notes are not fully paid by maturity, equity shares will be transferred according to the note ratio.】
【If note payment is abandoned and Taeseong Chemical re-acquisition negotiation is requested, private loan market rules apply.】
【Re-acquisition negotiations have no equity ratio adjustments. Only price negotiations are possible.】
【Until equity settlement is complete, Taeseong holds priority negotiation rights.】
Chairman Kim opened his eyes wide.
“What?”
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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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