The next day.
The two chairmen of Sacheonri Group visited Taewoo Group's headquarters.
Although ranked around 50th in the national corporate hierarchy, they were still the leaders of their own conglomerate.
Naturally, their movements were typically deliberate, measured. Yet the topic of developing an LNG power plant was enough to make them act with uncharacteristic eagerness.
"Chairman Yoo, it's my first time meeting you. Thank you very much for coming all the way to Taewoo Group headquarters."
"The gratitude is mine. Even with such a sudden request, you welcomed us without hesitation. I visited once during Chairman Kim Tae-jung's time, but the atmosphere now is very different."
Chairman Yoo spoke as he looked around the lavishly decorated executive office.
This was exactly why I wanted to renovate. What would Yoo think of me now?
He would probably assume that a third-generation chaebol was recklessly spending on interior design without a second thought.
Not that such an image was bad—it reinforced the idea that Taewoo Group was flush with cash.
"As you've likely heard, I'd like to proceed with the LNG power plant together with Sacheonri Group."
"I cannot tell you how surprised I was to hear that. With coal power plants gradually closing due to environmental regulations, an LNG power plant would undoubtedly become a new source of revenue for Sacheonri Group."
Chairman Yoo spoke, gripping my hand firmly.
His hands were calloused, blackened with coal dust that no amount of washing could remove.
Yoo, a legend in Korea's coal industry, was co-chairman of Sacheonri Group, yet still spent most of his time on-site.
"I'm grateful for your positive view. Taewoo Construction could proceed independently, but I wanted to consider collaboration with other companies for mutual benefit. Yet no group impressed me as much as Sacheonri Group."
"This is the most pleasant compliment I've ever received in my life. Hearing that you think so highly of our group is even better than receiving praise for my own children."
The atmosphere was warm and cordial.
When I first heard that Yoo intended to visit Taewoo Group, I had been slightly concerned.
What if he suddenly repudiated the contract we had agreed on with Chairman Lee? How would I persuade him then?
But judging by the current flow of the conversation, persuasion seemed unnecessary.
Yet that was my misjudgment, underestimating Chairman Yoo.
Yoo, who had done everything possible to bring Sacheonri Group to its current position, was naturally suspicious.
And, as expected, he suddenly posed a sharp, probing question.
"But will there really be any profit in building an LNG power plant? As you know, unlike coal, LNG cannot be transported just anywhere. You need specialized LNG carriers, which makes the cost quite high."
"We've already finalized agreements with Russia. We can secure a stable supply of LNG at a very reasonable price. As for the LNG carriers, Taewoo Group plans to operate them directly."
I even held equity in a Russian energy company.
Even without it, our connections with Russia alone were enough to supply LNG to Korea at a low price.
As for the carriers, there was no need for concern.
We had purchased ships from Hanjin Shipping, and we were also acquiring vessels that came up for auction from the shipyard.
"Are you planning to enter the shipping business, too?"
"Not on a large scale. Only enough to securely handle Taewoo Group's logistics. The same goes for LNG. Moreover, the Russian energy company will establish a domestic subsidiary within a few years. So you needn't worry about LNG prices or supply."
It was an answer everyone could accept.
It was possible only because I had networks planted across multiple fronts.
"One more question. What scale are you anticipating for the LNG power plant?"
"We're expecting over 1 GW, with construction costs around 1 trillion won."
"That scale is too large. If Sacheonri Group wants to acquire a 50% stake, it would require an investment of over 500 billion won. That's an enormous amount."
The world economy was still shaky from the Lehman crisis.
Few companies would readily invest 500 billion won in such circumstances.
For a group ranked around 50th in the national business hierarchy like Sacheonri Group, it was indeed a heavy burden.
"That's why we plan to form a consortium. Preliminary discussions are already complete, and we have received a commitment from American investors to contribute around 500 billion won."
"So foreign investors would hold 50% of the shares? Isn't that too risky?"
"Technically, they would hold 49%. The remaining 51% would be split between Taewoo Construction and Sacheonri Group. And the foreign investors are unlikely to interfere with management, so there's no need for excessive concern."
Foreign capital would hold 49%.
Of course, the funds came from financial institutions affiliated with me, including fintech banks.
So, in effect, I would hold 75% of the shares, and Sacheonri Group would retain the remaining 25%.
"So, Sacheonri Group would hold 25% of the shares? That means an investment of 250 billion won, which is difficult to mobilize immediately."
"That's why Taewoo Group will assist with the sale of the pharmaceutical company. Additionally, Taewoo Securities can provide low-interest loans to cover any shortfall."
"…Honestly, the conditions are extremely favorable. I'm curious why you're offering such generous terms."
When conditions are too good, they naturally raise suspicion.
To dispel that suspicion, a few conditions had to be set.
"Please handle regulatory issues for the LNG power plant on Sacheonri Group's side. If Taewoo Group intervenes, it becomes too high-profile and difficult to manage."
"Although the LNG plant is an eco-friendly facility, environmental groups are bound to raise objections. Local residents near the plant may also protest."
"I'd like Sacheonri Group to take care of these matters."
Chairman Yoo's skeptical gaze relaxed.
What I had said could also be interpreted as asking them to act as a sort of 'lightning rod' for potential controversies.
Business deals between companies are fundamentally about give-and-take.
If this principle is violated, suspicion arises, so I set new conditions to fulfill the balance.
Taewoo Group would provide the financing,
and in return, Sacheonri Group would resolve regulatory, site, and environmental group issues.
"Now I understand why Taewoo Group wants to partner with a mid-sized enterprise like ours. When the top-ranked company takes the lead, it naturally draws a lot of small-time troublemakers."
"And if you try to swat the flies without care, you often end up in gossip."
"Exactly. When swatting flies, you need a proper fly swatter. Sacheonri Group has plenty of fly swatters."
Yoo had completely come around.
Having observed silently until now, he finally stepped forward.
"Then shall we finalize the contract? Yoo, I take it you agree as well?"
"Agree, of course. This is a proposal that must be seized for the future of the stagnant Sacheonri Group. Chairman Kim, we'll send our team today to finalize the contract. And as for Sacheonri Pharmaceutical, is selling it for 50 billion won acceptable?"
He hadn't become chairman for no reason.
The bottom line we had anticipated for Sacheonri Pharmaceutical was 50 billion won, and Chairman Yoo named it precisely.
"I will acquire Sacheonri Pharmaceutical for 50 billion won."
"Although it feels awkward for me to say this as the seller, please take good care of the employees of Sacheonri Pharmaceutical."
"I will guarantee the employment of all staff except for executives. Of course, we can't keep every problematic employee, but I promise that fewer than 5% will be laid off. In addition, we'll make sure their salaries increase slightly."
"With conditions like that, the employees will be satisfied. Have you decided which company you'll sell to?"
We couldn't mention that it would be sold to Centurion.
It would only make sense after the sale to Centurion was complete; for now, it was better to keep it hidden.
"We are in discussions with several parties. If the sale is delayed, Taewoo Group will ensure all salaries and benefits are taken care of, so there's no need to worry."
"Employees will, at least temporarily, be part of Taewoo Group. Haha, the staff of Sacheonri Pharmaceutical will actually be pleased."
"We know very well how well Sacheonri Group has taken care of its employees. Please don't mention it."
With a handshake, we concluded the meeting on a warm note.
As promised, Sacheonri Group sent their representatives before the afternoon, and the contracts for both the LNG power plant development and the acquisition of Sacheonri Pharmaceutical were finalized.
***
Two days later.
The head of the Planning Office came to see me with a report on Sacheonri Pharmaceutical.
"The acquisition of Sacheonri Pharmaceutical has been finalized. We asked the media to handle it as quietly as possible, and only a few minor articles were published."
"It wouldn't have been good if the public had found out. I imagine it wasn't easy to manage the press, but you handled it well."
"The government actively helped. We didn't even request it—they pressured the media on their own initiative."
It was probably compensation for Tamiflu.
The government had profited handsomely from securing 10 million doses of Tamiflu. Naturally, they would want to give something back to Taewoo Group, and it seemed they helped ensure this acquisition passed quietly.
"The Blue House and the ruling party aren't ungrateful, after all."
"To be honest, considering what we gave them, this is a very modest reward."
"When you do business with the government, things can get noisy later. It's best to receive help discreetly. More importantly, will Sacheonri Pharmaceutical be able to produce Tamiflu?"
Dr. Kim Jang-woo and CEO Seo Jeong-jun had secretly visited Sacheonri Pharmaceutical yesterday.
They had meticulously inspected the facilities and confirmed the possibility of producing Tamiflu.
"According to CEO Seo, with a little adjustment, production is fully feasible. He even says they could produce prototypes within a week."
"Then mass production should be possible in about two weeks. Right now, Tamiflu can serve almost like a strategic weapon. We need to take full advantage and maximize our gains while we can."
The head of the Planning Office nodded firmly.
Even though we had acquired Sacheonri Pharmaceutical for only 50 billion won, no entrepreneur would willingly take a loss.
We had to recoup our investment before the flu epidemic subsided.
To do that, we had to start producing Tamiflu as quickly as possible and sell it off.
"Actually, this morning, Centurion sent an official document granting permission to sell Tamiflu to the U.S. and European governments."
"That's faster than I expected."
"It's presumed the U.S. government initiated it. Since America is the country suffering the most from the new flu, it makes sense that the government applied pressure."
"Highly likely."
"I'm certain. In fact, the U.S. ambassador requested a meeting with you today."
The U.S. ambassador, too?
The Planning Office head's prediction was probably over 90% accurate.
Now, what could we extract from the U.S. government?
Without realizing it, my mouth watered, and I swallowed audibly.