Breaking Up Is Better Than Divorce

poison

“So you’re saying he owns a 17% stake in Freescale?”

asked the head of the Daeyang Group.

“yes. This is a pretty big opportunity for us too. If you buy him the right to buy it at a reasonable price, you can get a pretty big profit from the Freescale buy.”

Ryu Seong-gyu diligently talked about what he designed.

“Did you check properly?”

Sunggyu’s uncle asked.

“yes. I checked with the Carlyle group. They signed a contract in September of last year. I’ve heard that Carlyle is also quite embarrassed. Wasn’t the price we were offering $15 billion before fertility jumped in? It seems that he just signed a contract with 18 billion won in recognition.”

“Let’s see… How much did Dasan say?”

“According to my sources, it seems to be around 24 billion.”

“Are you sure?”

The old man this time looked at his eldest son and asked.

“We are looking at it in several ways. I don’t know the exact amount, but it seems that Chairman Kim’s will is strong. It is said that not only Dasan Electronics but all affiliates under Dasan Motors are calculating the maximum amount that can be withdrawn. I don’t know about 24 billion, but I have to think that it is definitely over 20 billion.”

The eldest son of the chairman, who serves as the president of Daeyang Motors, answered.

“24 billion … is it worth it?”

“It’s the same for us, if Freescale goes into fertility, it’s the same. I don’t know about 24 billion, but I think we should do it up to 22 billion.”

It is not just about acquiring a single semiconductor company. Whether it was Daeyang or Dasan, if it was taken away by the other party, it must have been difficult to fairly receive the semiconductors needed for its vehicles.

It is for this reason that Daeyang jumped into the acquisition of Freescale in the first place.

In the case of the Japanese automobile industry, Toyota is always the first to receive the supply because Renesas is the largest shareholder of Renesas, which is leading along with Freescale in semiconductors for automobile parts.

“If Dasan loses Freescale, it is not a matter of two or three groups.”

The face of the president of Daeyang Motors was much more serious than that of the president of Daeyang Electronics.

“So Sunggyu, do you think you should buy the deed of right?”

“yes. It seems he can’t exercise that right now due to lack of funds. If we take that and spend 25 billion dollars, we can raise 1.2 billion dollars with just our stake in the Carlyle Group.”

Of course, I mean slush funds, not group funds.

“So, how many shares have we already secured?”

The old man asked the second.

“There is a 7% acquisition by Medilife before entering into negotiations with Freescale.”

The second son, who is the president of Daeyang Electronics, answered.

“I thought I should have saved some more then. I told you before.”

The first said reproachfully.

“It was difficult to see such a big profit under the circumstances at that time. The fair price is between 15 billion and 18 billion won, so it was only better than bank interest for the amount of money to be invested. It was already a year ago. The situation is different from now when Dasan is attached.”

The second answered as if he were talking.

“So, you said that we should inflate the acquisition price after securing more shares.”

“There has to be a reason. cause. Now the cause is clear. Dasan, next-generation automobiles, and competition over semiconductors! Because this can inflate the price. That’s why we didn’t put it out to the press saying it’s 24 billion won. How insulted would you be if you quietly took over and bought 15 billion won for 25 billion won? no. I mean, second to being insulted, you can even risk betrayal and fall. Do you do business once or twice? After all, it’s time for a change of government, so you’ve been busy watching, haven’t you?”

The first and the second are fighting a battle of flags, and they don’t want to back down even one inch. All in order to catch the eyes of his father, Chairman Ryu.

“I had to stop. You don’t have to come here and talk about the past. Second, can we raise $3 billion right now out of the money we are circulating in the United States?”

Chairman Ryu arranged the fight between his two sons.

“It is possible by borrowing the fund under management as collateral. We are running out of time to exercise our rights by the end of January, so we need to make a decision quickly.”

The second answered quickly. I’m just glad I don’t ask about the past anymore.

“If I get a stake in the Carlyle Group, will I have room to bid on Freescale?”

“yes. Once we get our hands on it, our stake becomes 24%. No matter how much you buy, you will receive a commission equivalent to 24%. We acknowledged $17 billion and bought a 7% stake for $1.2 billion, and if you give him about 100 million of his rights and pay the remaining $3.05 billion to Carlyle, we’ll buy it for a total of $3.2 billion. . Altogether, that’s $4.4 billion. If you buy Freescale for $24 billion, that’s $1.3 billion in revenue.”

“If you get 24% of the money, you don’t need to be bound by the purchase price. If you buy it for $25 billion, your revenue will grow to $1.6 billion.”

Sunggyu quickly intervened.

“right. With 26 billion, you can safely secure a whopping $1.84 billion.”

Second, the calculation was quick.

The Daeyang Group owner’s family were much more interested in filling their pockets with the money the Daeyang Group had to pay.

“Yeah… Do you think it’s worth doing?”

The old man looked at Sunggyu and asked.

“Anyway, the bid price is set by us. There is no reason to lose.”

“But will he sell that right? Seeing that he signed the contract at Carlyle and collaborated with Dasan to acquire Freescale, it seems he was trying to play a part in that.”

The first asked suspiciously.

“It looks like a big loss as a gift. If we don’t sell it, we’ll be left with nothing we can do.”

“okay. But it’s hard to buy at a price that’s too high. No matter how much profit I see, I don’t like saving him.”

Seong-gyu’s father, Ryu Geun-soo, said with a displeased expression.

Of the brothers, Eugene felt the most sorry for him as a party to the ongoing lawsuit.

“Of course, that is not convenient. But nothing to worry about. If you are a speculative person who gambles like that, even if you get money back into your hands, you will soon be left with nothing.”

Sunggyu tried to persuade him again.

This was a great opportunity for him. Even so, he had to regain the trust of his grandfather, which had been lost due to the conflict with Seongjin Precision Industry.

“To do. he’s crazy Burning a billion with 50x leverage on futures? Whoa!”

“Once a person has tasted money, he will never be able to control himself again. That money should also be put into risky speculation.”

Fortunately, the uncles laughed at Eugene’s behavior and agreed to it.

“Is it really true that I lost so much money?”

Sunggyu’s father asked again.

“I found out through an acquaintance who goes to Black Rock. I don’t know exactly how much the guy lost, but it seems that some of our customers have suffered huge losses as a gift. It is different from Korea, so inside information is not easily leaked.”

“It is. Only in Korea can you find out the color of the panties he wore yesterday with just one phone call.”

One of the sons-in-law, who had been quietly listening, spoke like a joke.

“But it doesn’t really matter. If we bring it, we are the seller and we are the buyer, so we have complete control over it.”

Sunggyu said in a confident voice.

After that, they raised their voices and talked to each other for a while.

However, in general, there was an atmosphere in favor of taking over the deed that Eugene had.

“I sell what I have in my right hand to my left. There is no business more certain than this.”

As Sunggyu said, it was themselves who decided how much profit they would make from it. No one in the family of the head of the Daeyang Group was willing to pay such blind money.

“okay. Everyone seems to be in favor of Sunggyu’s agenda.”

As the old man opened his mouth, the crowd fell silent again.

“yes. father. It’s not a loss anyway. In the worst case, even if Dasan takes Freescale by writing a higher price than us, we could have a profit of at least $2 billion.”

The eldest son expressed his consent on behalf of the family. With this, the trend has already turned.

“That’s right. But if possible, it’s best to get Freescale and get 2 billion dollars.”

They preferred to invest more than $26 billion to get $2 billion in slush funds than to invest 24 billion won in company money to make 1.2 billion won.

The company money needed to acquire Freescale was other people’s money, but the slush money obtained through the secured stake was their own.

The huge amount of money amounting to 2 trillion won is not easy to see even for the chairman of a large corporation. Even more so if you get it with just a month or two of hard work.

“okay. i get it. Then, second, you should try this together.”

“yes. father.”

“Seong-gyu. You did a great job this time. After this is over, I will give you a prize.”

The moment the owner of the Daeyang Group said that, everyone’s faces hardened.

It’s a good thing, of course, that the Freescale Gun will generate $2 billion, but that’s the money that goes into the hands of his father, Chairman Ryu.

It was Ryu Seong-gyu who benefited the most from that, so everyone had to work desperately to hide their jealousy faces.

* * *

“Mr. Kang Yu-jin. I have something to offer you.”

A few days after talking to Jae-hyeok, a bite came right away.

“My name is DL Capital’s Jason.”

I get a phone call from somewhere, and when I pick it up, a stranger introduces me.

Eugene is a name I’ve heard a few times.

It is a fairly large-scale global management participation type private equity fund (PEF) manager, known for investing mainly in Asia.

It was a company that was mentioned in the media by making a lot of investment in Korea a few times.

He said it was a profitable offer for Eugene, so I asked him to come to his house, but within an hour, a white blond-haired man came to visit.

“what happened?”

Eugene, who greeted them with a haggard face, asked.

“I heard that the Carlyle Group has the right to buy a stake in Freescale Semiconductor.”

“Where did you hear that?”

Eugene raised her eyes and asked.

“From the Carlyle Group.”

“Hmm… that must be a secret?”

“Where are the secrets in our industry? They are all floating around.”

“okay. If so, what are you going to do?”

“What if DL Capital is interested in purchasing the rights?”

a man named Jason asked.

“Well······.”

Eugene stared intently as if trying to confirm the authenticity of the opponent.

“How long do you plan to live?”

“Did you say you paid $50 million as a down payment? I’ll give you nine million.”

Jason said confidently with a face that believed that he had the initiative.

“Foot!”

Eugene put on an absurd expression.

“Go out. Because the door is open.”

And he pointed to the door with his chin.

“Isn’t it something that loses its value after a month after all? With 90 million, can you get back 40 million dollars with 50 million principal?”

“I won’t tell you twice, so go away. John, when you leave, I’ll see you off.”

A strong-bodied John approached.

“1 million! I’ll pay you 100 million dollars.”

Jason suggested again.

“I don’t eat that money. I.”

Eugene said as if it wasn’t even worth listening to.

“One hundred and twenty million! This is our final offer.”

John grabbed Jason’s body, who was making a hurried new offer, and dragged him to the front door.

The next day, I got a call from Jason.

“How much will you pay?”

Eugene asked in a more hoarse voice than the day before.

“I’ll come see you in person and tell you.”

It was a much more polite voice than the day before.

“I’ll give you fifteen thousand. After all, we have no place to sell, right?”

“Why not? Do you think there will be one or two people who want that?”

Eugene smiled and said.

“The market sees a fair price for Freescale at around $18 billion.”

“If it was $18 billion, you wouldn’t even have come to see me.”

“Even at $20 billion, the Carlyle Group is worth $3.4 billion. Even if you pay $3.1 billion, the profit is only $300 million, so that’s not a small amount of money.”

This time, he calmly tries to persuade Eugene.

“Who says 20 billion dollars? Daeyang Electronics and Dasan Electronics are thinking of up to 24 billion dollars.”

“That is just a rumor. Don’t you know what the actual bid will be until then?”

“So, if you are curious, wait until the bid day.”

Eugene is immovable.

“Two billion dollars. We cannot pay any more than that.”

Jason said as if to give him a generous shot.

“Because I’m not interested.”

“If you don’t even have 3 billion dollars, don’t you have the right to turn into toilet paper anyway?”

“Why do you think I can’t afford it? If it doesn’t work, you can take it to Dasan and sell it. If you’re going to pay 24 billion won to live, even if you give me 500 million won, that’s also a 500 million won profit.”

“Isn’t the reason you’re helping Dasan acquire Freescale to profit from that right? If Dasan found out about it, wouldn’t you be very upset?”

Jason said as if threatening.

“If you want to be offended, do it. After all, profit is everything. Isn’t that enough if I see a profit as well?”

When all the means he had brought didn’t work, Jason sat quietly for a moment.

“Tell me the price you want. Let’s put it on top and get permission.”

“Doesn’t Jason seem to be the decision maker? Then go ahead and ask someone who can make a decision. zone.”

Jason went out on his feet this time before John pulled him out.

The next day, a person came out of DL Capital. This time, an Asian with gray hair came along with Jason.

“Are you the decision maker?”

“exactly. Call me Richard.”

No matter how you look at it, it looks Korean. But whether he was 2 years old or had been in America for a long time, he spoke English with a New York accent perfectly.

“Okay, how much will you sell that right for?”

“How much can you pay?”

“Three hundred and fifty thousand. This is really the last time.”

The elderly man said resolutely.

Of course, Eugene did not believe that. For a while, the two bargained for give or take.

And in the meantime, Jason, who was next to me, eagerly sent and read texts with the smartphone he was holding.

Every time the price went up because of Eugene’s stubbornness, Jason slyly glanced at the elderly man. Perhaps there is someone else who gives instructions otherwise.