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Chapter 11 : Hanyeong Motors Han Juhyeong (4)
Chapter 11: Hanyeong Motors Han Juhyeong (4)
『 TL – Marctempest 』 『 ED – Laplace 』
Rumors of the sale of Yuseong Steel began to spread through the market.
What started as gossip when Lee Jaseong invited potential buyers to a hotel truly ignited once Seo Minjae joined the bondholders.
The bondholders strongly insisted on the sale of Yuseong Steel.
Е̊n u m а
— Yuseong Group must include the sale of Yuseong Steel in its rehabilitation plan!
With the atmosphere like this, leading domestic companies also began to review potential acquisitions, carefully weighing their financial capacity.
Dilarang mengopy novel dari Enuma.id.
Yuseong Steel was an attractive asset.
Although its debt ratio was slightly high, it had consistently shown stable performance, with annual operating profits reaching 200 billion won.
If the asset truly came onto the market, one had to be prepared before anyone else.
Hanyeong Motors Group was no exception.
Е n ũ m̂ ӓ . ïd̃
The group immediately launched a group-level M&A review.
A task force team was formed directly under the chairman, and the group’s elite were mobilized in full.
Han Juhyeong was also seated there as part of his management training.
Chairman Han cautioned him.
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“This is on a completely different scale from the acquisitions you’ve handled so far. Don’t step in—just watch and learn. Got it?”
“Ah, y-yes.”
W̌e̊b̄nо̂vе l̊ Е n̊u m а̇
“You little—!”
Han Juhyeong reviewed the corporate valuation report sent over by the management research institute.
The team leader presenting the latest report pointed at the projector screen and spoke.
“Including debt, the acquisition price is expected to be formed in the range of 1 trillion to 1.2 trillion won. Since Yuseong Steel’s enterprise value is assessed at 1.6 trillion won, that’s about a 30% discount.”
One trillion.
The number weighed heavily on him.
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He liked dabbling in various businesses, and Han Juhyeong had experienced acquisition bids several times, but he had never acquired a company worth over one trillion won.
It truly was a large corporation.
“We attempted initial contact with Yuseong Steel’s management, but as expected, they showed a very hardline stance.”
Chairman Han tapped the table with his fingertips.
“So they’re not feeling the heat enough yet.”
“They can’t easily give up the group’s core entity. But as time passes, Yuseong Group will grow more desperate and try to sell Yuseong Steel even at a bargain price.”
Ёn ůma
The opportunity was clear.
With a large-scale financial fraud scandal entangled, the government also hoped for as smooth a resolution as possible.
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If Hanyeong Motors Group decided to acquire it, support at the government level could also be expected.
The problem was that other players were also eyeing this opportunity.
“Which companies are sniffing around right now?”
“There’s a list of acquisition candidates on page 135 of the report.”
W̄e b̂n̊о̊_vе̌l̆ Е̄n̄ u m̊а̄
Han Juhyeong flipped through the meeting materials. At that moment, his eyes widened.
“Huh?”
The list caught his eye.
Hanyeong Motors.
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Hanyeong Heavy Industries.
The private equity fund Cha Partners.
Ẃ е_ḃn о v е_ľ Е́.n ů m̂ а̃
‘Isn’t that exactly the lineup Lee Jaseong invited to the hotel suite back then?’
As he hesitated, the chairman turned to look at him.
“What is it?”
“Ah, nothing.”
“Tsk, focus.”
“Yes, sir.”
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After the light rebuke, Chairman Han resumed the meeting.
“There’s a private equity fund.”
“Yes. Cha Partners is forming a consortium. And Hanyeong Heavy Industries is also in. Considering business relevance, they’re the stronger candidate.”
“Hm.”
Hanyeong Heavy Industries.
For ten years since the two groups split due to a fraternal power struggle, Hanyeong Motors and Hanyeong Heavy Industries had fought, each claiming legitimacy.
Ё_ň_ů ḿ à
The two groups had bared their teeth at each other in every area—down to something as trivial as restaurant seating arrangements.
From Hanyeong Motors’ perspective, Hanyeong Heavy Industries was a kind of trigger.
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Determination settled on Chairman Han’s face.
“We can’t lose to Hanyeong Heavy Industries.”
As the chairman’s fighting spirit ignited, the atmosphere in the conference room heated up. Technical jargon began flying back and forth at a rapid pace.
Han Juhyeong looked around.
Е ṅu̇m а̇ . і̌ ḋ
Once the project officially launched, this conference room would become even more complex.
M&A specialists, due diligence teams dispatched from accounting firms, even lawyers from major law firms.
All the top experts from the business world would gather in a single room.
‘Could I really lead such formidable experts and take command of a large-scale acquisition project?’
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The days when he had confidently stepped forward, asking his father to entrust him with a project, now felt shabby.
But the more so, the words Lee Jaseong had said kept resurfacing.
Е̇ ṅ um̌ а̇ . і ḋ
— Han Juhyeong, that’s not such a difficult thing for me.
A guy who was always relaxed, as if everything in the world were easy.
Would a one-trillion-won acquisition project be easy for him too?
— I already have a plan.
If Lee Jaseong helped, what would change?
‘Should I ask him to send over the contract, at least?’
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After much deliberation, he sent a message to Lee Jaseong. And a week later, Han Juhyeong found himself on the verge of final signing.
“······?”
A meeting room at a hotel.
On one side, lawyers were giving the contract a final review, while Lee Jaseong was leisurely tossing a rubber ball and playing.
As the dull, rhythmic sound echoed, Han Juhyeong turned over the business card he had just received in his hands.
Along with the company name ‘Makers,’ Lee Jaseong’s name was printed on it.
Е̃ n ú m̂ а.id
Placing the card on the table, Han Juhyeong asked,
“Don’t financial firms usually use ‘Partners’? What’s Makers? What, are you a manufacturer or something?”
Dilarang mengopy novel dari Enuma.id.
Leaning back in his chair, Lee Jaseong snickered.
“In a way, it is manufacturing.”
“Seriously?”
“I turn someone who’s a bit lacking into a proper chaebol.”
Ё.n̊ üm ä.і_d
“······Hey!”
After lightly ignoring Han Juhyeong, who bristled as if he thought it was about him, Lee Jaseong shifted his gaze toward the approaching lawyers.
“Are you done with the review?”
“Yes. You can proceed as is.”
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Over the past week, both sides had brought their own lawyers to review the details of the contract and reconcile differences.
And today, they made the final confirmation that there were no legal issues.
Ëńù m а
Lee Jaseong accepted the contract and spread the file open on the desk.
Taking out his fountain pen, Lee Jaseong went through the key clauses one by one.
“It’s a project contract. The scope of consulting is limited to the acquisition of Yuseong Steel. The purpose is to further solidify your succession through the acquisition of Yuseong Steel. The initial fee is 2 billion won, and the success fee is applied on a sliding scale depending on the acquisition price.”
If the acquisition exceeded 1 trillion won, 1%.
If the acquisition was under 1 trillion won, 1.5%.
In other words, the cheaper Yuseong Steel was acquired, the higher the rate became.
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Lastly, he pointed out a special success bonus.
“And here, there’s also a clause that pays an additional 2 billion won separately if you are appointed CEO of Yuseong Steel.”
“If all the conditions are met, the money I have to pay is······.”
“20 billion won.”
“You’re damn expensive. Are you pocketing an investment-bank-level advisory fee all by yourself?”
He spoke gruffly, but Han Juhyeong accepted it without much resistance.
Web ǹӧ vе́ l Е́ñ u m̈ а
This wasn’t a simple acquisition advisory—it was succession consulting.
An opportunity to establish ‘steel’ as an independent business foundation within Hanyeong Motors Group, and to completely cement his position as successor.
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‘At that point, 20 billion won is worth paying.’
Han Juhyeong picked up the fountain pen placed in front of him.
Only the sound of the pen nib brushing against paper echoed in the quiet meeting room. After each signed, they exchanged one copy of the contract.
The contract was now concluded.
Wе b̂ ṅ оve l .Е̃ n ùm̆ а
At that fact, Lee Jaseong felt a sense of satisfaction.
‘Now I just need to turn Han Juhyeong into a dramatic success story.’
It was perfect material for crafting a narrative.
The success of a failure.
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The awakening of a delinquent.
Wasn’t that the kind of story people always ate up?
Е n̂ û m̄ а
President of Hanyeong Steel.
He intended to seat Han Juhyeong in that position with utmost sincerity.
Lee Jaseong began the first step.
“So, how’s the situation at Hanyeong Motors Group right now?”
“Well, everyone’s waiting for Yuseong Steel to come onto the market, right? They probe for sale intent from time to time, predict what conditions other competitors might put forward, and refine their acquisition proposals with better terms. Just the usual way acquisitions are done.”
“Then now go to the chairman and propose doing it a different way.”
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“How?”
Expectation flickered in Han Juhyeong’s eyes.
That was what the 20 billion won was for.
And the method Lee Jaseong presented was something he had never anticipated.
“Induce Yuseong Steel to apply for court receivership.”
“······.”
Еn ům̂ â..і́ d̊
Blink. Blink.
Han Juhyeong, who had been completely spaced out, only came to his senses after meeting Lee Jaseong’s cold gaze.
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“······Ah, court receivership, you mean?”
Nodding as if he understood, Han Juhyeong worked his brain to catch up to Lee Jaseong’s line of thinking.
From a business acquisition to a court-led acquisition.
He could understand changing the genre that much.
Ẇеbn̊ о̆ v̇ ë l̀ Е̇n̂ûm̊a
‘But why?’
Usually, shifting the stage like this meant that the courtroom stage was advantageous to Hanyeong Motors Group.
‘What’s advantageous for us? There’s nothing advantageous at all.’
It wasn’t strange for him to have such doubts. Because······.
Dilarang mengopy novel dari Enuma.id.
“Wouldn’t court receivership only benefit Yuseong Steel?”
Court receivership was a shield for management.
Е̂ nu̇m â . і̊ d̈
The moment court receivership began, the bondholders couldn’t touch Yuseong Steel.
Moreover, it was customary for the existing management to be appointed as administrators and continue holding management control.
That was why, despite its noble purpose of restoring management normalcy, the court receivership system was often distorted into a shield for management control.
Lee Jaseong didn’t deny this point.
“That’s generally true. But Han Juhyeong, think carefully. This is ‘court’ receivership. The moment Yuseong Steel comes under the court’s protection, the final decision-maker becomes the court.”
The final decision-maker changed to the court.
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This was a double-edged sword.
Outside the court, no matter how much the bondholders pressed, Yuseong Group held the decision-making power.
But the moment it entered court receivership, everything changed.
No matter what kind of rehabilitation plan the bondholders put forward.
No matter what kind of management plan the existing administrator proposed.
In the end, every decision required the court’s approval.
W̃ еb n о̆v е l Еń u m а
And that difference was enormous.
Big enough to overturn the game.
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“I’ll simplify the entire acquisition process through the channel called the court. Then all you need to do is secure a single decision-maker.”
Feeling somehow overwhelmed, Han Juhyeong answered.
“······The court.”
As if it were the correct answer, Lee Jaseong smiled softly.
E n̊ù m̌ а
Han Juhyeong had no choice but to admit it.
Lee Jaseong’s plan was worth 20 billion won.
After hearing a plan in which every step was meticulously designed—clear enough that even a beginner could follow—it even left him feeling hollow.
‘What on earth has the TF team been doing all this time?’
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They hadn’t been able to break away from conventional acquisition methodologies.
Sounding out sale intent, negotiating terms, competing with rivals—the traditional M&A approach.
É ǹ ü m а̇
At best, all they had done was draft slightly better acquisition proposals.
But Lee Jaseong shattered that frame and presented a game on an entirely different level.
A court receivership strategy.
An approach he wouldn’t even have thought of, let alone attempted.
‘But with this, we can use Yuseong Group’s situation in the most efficient way.’
Yuseong Group was in a special situation.
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So it made sense to go with a strategy that used that situation to maximum efficiency.
If it hadn’t been Lee Jaseong, he really might have gone the long way around in circles.
The one consolation was that the Hanyeong Motors Group TF team hadn’t come up with an idea like this either!
‘So me and them—we’re the same!’
After dragging the experts down to his own level for a moment, he corrected his thinking.
‘No. I’m better. Because I have Lee Jaseong!’
W̃ еb̌ n о v̊ ӗ l̄ Еǹ ūm̂ â
Suddenly, the 20 billion won no longer felt like a waste at all.
As long as you ended up at succession, the path didn’t matter—and if you lacked brains, you could just outsource, couldn’t you?
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Coincidentally, Han Juhyeong had plenty of money!
After hearing the detailed plan, a question arose. All of this was premised on one thing.
“Then how do we make Yuseong Steel apply for court receivership?”
“That’s not difficult. Our uncle is probably already keeping court receivership in mind. That just makes things easier.”
E nu m.а̃_
Lee Jaseong placed the rubber ball he had been holding onto the table, then flicked it lightly with his finger.
The ball rolled across the smooth tabletop before dropping off with a dull thud.
“All you need to do is give it a little push.”
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