Dimon spoke again, his expression turning serious.
"Since Taewoo Group holds 27% of the shares, acquiring a larger stake would theoretically allow us to take over the company. However, to ensure a stable acquisition, we need at least 40%."
"I secretly own about 13% of Taewoo Heavy Industries' shares."
These were shares I had swept up from Myeong-dong.
I had invested a massive amount of capital to secure that 13%, but it was still far from the 40% Dimon required.
"Aren't you considering bringing in a white knight?"
"Are you referring to an ally? No, SAVE Investment will handle this alone. With our financial resources, we don't need a white knight."
"Hmm, the banks hold a significant number of Taewoo Heavy Industries shares. If we could get their support, this would be an easy game."
Taewoo Group had taken out enormous loans from the banks.
In exchange, they had often handed over shares, making several banks major shareholders of Taewoo Group.
"Would it be difficult to proceed without the banks' help?"
"Not necessarily. Thanks to Taewoo's fragmented ownership structure, we have another way."
Dimon circled several subsidiaries on the board.
"Several Taewoo Group affiliates hold shares in Taewoo Heavy Industries. If we acquire those subsidiaries, their Taewoo Heavy Industries stock automatically becomes ours."
"So we reduce Taewoo Group's stake while increasing our own."
"Exactly. With this approach, we don't even need 40%—30% will be enough to take control of Taewoo Heavy Industries."
This was exactly the method I had hoped for.
Those small and mid-sized Taewoo subsidiaries were already on my list for disposal.
"The process will need to move swiftly."
"The success rate of mergers and acquisitions is under 30%. Most fail because the target company detects the threat too early and becomes defensive."
"And how do you plan to prevent that?"
"We'll simultaneously acquire three mid-sized subsidiaries that hold Taewoo Heavy Industries shares while buying more stock in the open market. Adding your 13% stake to that, we'll surpass 30% ownership."
It was a simple yet intricate plan.
If word got out, the whole scheme could collapse.
If we ran short on funds, we could end up losing money without securing the acquisition.
But at least the latter wasn't a concern.
SAVE Investment had virtually unlimited capital—like an endless wellspring of resources.
"We need a flawless strategy. Use all available personnel from SAVE Investment to craft the perfect plan. Oh, and for domestic matters, contact this person. He'll handle everything from your security to navigation."
I handed Dimon a business card with Captain Kang's name on it.
A hostile takeover would inevitably create enemies from all directions.
Dimon was a crucial part of my plan, and his safety had to be ensured.
"This is shaping up to be a thrilling battle. I never realized Korea was such an interesting place. If I had known earlier, I would've targeted Korean companies long ago."
"Lucky for us, you didn't."
Wall Street still hadn't set its sights on Korea.
Despite Korea's rapid and competitive growth, its market remained too small to attract significant Wall Street attention.
It was a stroke of luck for Korea—one that would eventually run out with the financial crisis.
***
David, known as the face of SAVE Investment, had returned to Korea after a long time.
However, he was not meeting Kim Min-jae. He was meeting someone else.
"It's a pleasure to meet you, Chairman Jang Young-joo."
He greeted the man in front of him in clumsy Korean.
Seated across from him was none other than Jang Young-joo, the chairman of Hyunjae Group, the top-ranked conglomerate in Korea.
"My English is quite poor, so my son will interpret for me."
"Nice to meet you. I'm Jang Young-jun."
Next to Chairman Jang was his sixth son, Jang Young-jun.
Chairman Jang Young-joo, who had only completed elementary school, often boasted about his son.
Young-jun had graduated from Korea's top university and had furthered his studies in business administration in the U.S., making him fluent in English.
"We can save the introductions for later. Let's get straight to the point. Our firm, SAVE Investment, is willing to invest in Hyunjae Group."
"How much can you lend us?"
"Any amount you need. However, our investment is strictly for Hyunjae Group's business operations. We do not want our funds to be used for personal or unrelated matters."
"Are you telling me not to use it for political funding?"
Chairman Jang looked slightly embarrassed.
Having once attempted a presidential run, he understood David's concern that the funds might be diverted into political activities.
"That's why we are considering a different investment approach. I heard you need capital for acquisitions."
"There are plenty of companies I'd like to acquire, but money is always the issue."
"So here's our proposal: we will provide the funds after the acquisition contract is finalized. Instead of transferring the money to Hyunjae Group, which could lead to potential misuse, we will directly pay the seller on your behalf."
The plan was simple—once the deal was sealed, SAVE Investment would pay the selling party.
From Hyunjae Group's perspective, this was not a bad arrangement.
Even if the funds entered Hyunjae Group, they would eventually be paid out to the seller anyway.
The real issue was trust.
If the contract was signed but the payment wasn't made, Hyunjae Group's credibility would suffer greatly.
"I understand why you might not trust me, but how can I trust you?"
"That's why we plan to deposit a portion of the funds in a Korean bank. The total amount will be approximately 5 trillion won."
"So you intend to involve a Korean bank in the deal. But Korean banks might refuse. They're too busy trying to stay in the government's good graces."
"CT Bank doesn't have to worry about government oversight. If we go through CT Bank, we can move the funds easily—it's an American institution, just like SAVE Investment."
Chairman Jang turned to look at his son, Jang Young-jun.
He was seeking the opinion of his sharp-minded son.
"The terms aren't bad at all. In fact, securing a 5 trillion won loan under these conditions is an incredible deal. It's almost too good to be true."
"So the terms themselves are favorable?"
He stared at his son for a moment.
Securing these funds was all for his children.
Once he was gone, a power struggle over management rights was inevitable. Before that happened, he wanted to acquire solid companies to distribute among his children.
"I accept SAVE Investment's proposal. However, I suspect there are additional conditions. What are they?"
"We would like to purchase some of the stocks currently held by Hyunjae Group."
"Are you planning to enter the Korean stock market in earnest?"
"To be frank, compared to the U.S., the Korean stock market is not that attractive. It's too small to make a serious commitment."
"Then why are you interested in Korean stocks?"
"Our firm, SAVE Investment, holds a diverse portfolio of stocks from both the U.S. and emerging markets. We simply plan to acquire a portion of Korean stocks as part of our broader investment strategy."
Chairman Jang Young-joo was a bold and straightforward man.
Although Hyunjae Group owned a significant number of shares in other companies, it was nothing compared to the 5 trillion won loan offer.
"Understood. Tell me which stocks you want, and I'll sell them to you. But you're not planning to lowball me on the price, are you?"
"We will purchase them at the current market price. These are the stocks we're interested in."
David pulled out a prepared document.
Inside, there was a list of various companies' stocks—among them were shares of Tae-woo Group.
"Quite the diverse selection. I'll transfer the stocks once the contract is drawn up."
"If you find a company you want to acquire, please let us know. We can provide the funds as early as today."
"I like you. I was worried you'd be just another Wall Street hotshot, but you're a straight shooter."
Jang Young-jun, serving as the interpreter, wiped the sweat off his forehead as he carefully reworded his father's comment in a more polished manner.
Thanks to him, David was able to part ways with Chairman Jang with a smile and a firm handshake.
As soon as David left the chairman's office, Jang Young-joo turned to his son with a few questions.
"Does SAVE Investment really have the funds to back up their promises?"
"You've seen the reports yourself. They have well over $10 billion in assets. They're a well-respected investment firm on Wall Street, known for never having a failed investment."
"Ha! Then that means they see Hyunjae Group as a good bet."
"Of course, Father. You built Hyunjae Group from the ground up. Even though the Korean government may be against us, foreign investors see our true value."
The father and son were clearly in high spirits.
With the government's regulations having blocked their financial channels for so long, securing this new source of capital felt like a breath of fresh air. Chairman Jang let out a hearty laugh, as if a weight had finally been lifted from his chest.
***
Captain Kang's Office
I entered the office through a hidden entrance, where David was already waiting for me after wrapping up his negotiations.
"This place feels like some kind of intelligence agency hideout. The entrance is confusing, and the security procedures are endless. Even meeting U.S. politicians wasn't this complicated."
"You know I'm a complicated person. Just bear with it for now."
"For the boss, I'd endure much worse. Who else would give me the chance to take part in something this exciting?"
David grinned as he pulled out the contract.
Stamped prominently on it was Chairman Jang Young-joo's official seal.
"You did well. That couldn't have been an easy negotiation."
"It's been a while since I actually broke a sweat. I thought meeting a Korean business leader would be easy, but the moment I saw him, my mouth went dry."
Chairman Jang Young-joo was not someone to be taken lightly.
Seeing David return with a successful contract in hand made me appreciate him even more.
"And you managed to get all the stocks I requested, right?"
"I secured everything without much difficulty. Especially the Tae-woo Group shares you emphasized—I made sure not to leave a single one behind."
This operation was designed to achieve two goals at once.
By providing a loan to Hyunjae Group, we could push them toward acquiring Tae-woo Heavy Industries.
At the same time, we managed to extract the Tae-woo Group shares that Hyunjae Group had been holding.
"Take the rest of the day off. But starting tomorrow, I'll need you to put in some more hard work."
"Hard work? This is nothing. Drinking with bankers on Wall Street or drinking with Korean financiers—it's all the same to me."
"I'll make sure you get a hefty bonus this time, too. So drink up."
"I've heard that Korean bankers are legendary drinkers. Maybe it's time for a proper showdown."
And with that, I pulled the trigger.
I had set my plan in motion—to forcefully sell off the subsidiaries my grandfather had painstakingly built over the years.
If he ever found out, it could mean the end of our relationship, with no chance of reconciliation.
But even if that were the case, my resolve would not waver.