For the autonomous driving system, navigation technology was essential.
Taewoo Motors had its own navigation technology, but it was insufficient.
At times like this, my grandfather's saying came to mind:
"Technology can be bought and used!"
But I took it one step further:
"You buy the company that owns the technology!"
If you acquire a company that already has navigation technology, you can save a lot of time on initial development — what a great strategy.
"Director, we need to acquire a navigation company. I want us to buy the top-ranked company in Korea."
"Ainavi is currently the number one navigation brand, and Thinkwin owns the Ainavi brand."
"Then we should acquire Thinkwin. Or at least purchase their navigation division."
"We'll start acquisition talks. However, one of Thinkwin's major shareholders is Hyundai Motor Company. They will likely try to block the acquisition."
That was a bit troublesome.
It was natural that navigation companies' main customers were car manufacturers, and it wasn't surprising that Hyundai and Thinkwin were on friendly terms.
"I need to meet Chairman Jang Kyung-jun after a long time."
"Hyundai Motor is also developing its own navigation brand, so there may be room for
negotiation."
"Please arrange a meeting as soon as possible. I'd like to meet quickly."
Chairman Jang Kyung-jun and I had once been comrades, but now that we had both achieved our goals, we had become competitors.
Taewoo Motors and Hyundai Motor were vying for first and second place in the domestic market.
"Vice Chairman, the meeting is scheduled. He wants to have dinner at the restaurant in
Cheongdam-dong where you met before."
"He responded quickly as if he was waiting for my call."
It seemed Chairman Jang wanted to meet me.
Hyundai must have something they wanted from us too, judging by the quick response.
What could Hyundai Motor want from us?
With curiosity lingering, I arrived at the meeting place right on time and entered the restaurant almost simultaneously with Chairman Jang Kyung-jun.
"Chairman Jang, it's been a long time. You look younger—almost like you're my age."
"Heh, hearing that from someone young enough to be my son really pleases me. Come on inside. Let's catch up and relieve some old tensions."
Chairman Jang's son was about my age, if I remembered correctly. By now, he was probably
heading a division within one of their affiliates.
Could it be that the meeting was about his son?
Since I didn't know anything for sure, I simply made small talk to break the ice and enjoyed
dinner.
"Hmm, it looks like we've finished eating, so shall we get down to business? I'm curious why Vice Chairman Kim wanted to meet."
"I wanted to discuss something related to the navigation business."
"Cars and navigation are inseparable in this industry."
Chairman Jang spoke first.
I decided to be upfront about my intentions from the start. Usually, it's wise to hide your hand during negotiations, but sometimes revealing it can provoke the other side to show theirs.
"But it seems, Chairman Jang, you also have something you want from me. May I ask what it
is?"
"Hmm, I'm not quite sure where to start. But since we're in the same industry, I'll be frank. I
wanted to talk about capital—capital finance."
Capital?
That referred to companies that provide leasing or installment payment services, similar to credit cards.
Since car buyers often use capital services, car manufacturers usually own affiliated capital
companies.
Hyundai had Hyundai Capital, and Taewoo had Taewoo Capital.
"Hyundai Capital is the industry leader. Is there a problem?"
"I heard that Samsung Group is partnering with GM in the US to create a joint capital finance
company."
I was aware of that.
Before the reset, Taewoo Motors had been acquired by GM, and GM entered the capital finance market through a partnership with Samsung Group to support sales.
But now, in this timeline, it was happening again, even though Taewoo hadn't been taken over by GM.
"I don't understand why GM would enter the capital business now. Are they seriously trying to enter Korea? They'd have to partner with a Korean automaker, but I can't think of any company that would do that."
"I suspect Samsung and GM might be planning to re-enter the automotive market together. And if Samsung's capital and GM's capital combine, the capital finance market could be shaken heavily."
Samsung Group re-entering the automotive industry?
Such a thing probably wouldn't happen.
Even before the reset, Samsung Group had made several attempts to enter the automotive
industry, but had to back down due to government opposition and public backlash.
Honestly, I wasn't that curious.
No matter what schemes GM had, it was destined to fail anyway.
In just three years, a massive economic crisis would hit, and GM would face bankruptcy.
But since I was the only one who knew this, I played along and nodded to Chairman Jang's
concerns.
"Hmm, it is a bit worrisome. If Samsung Group takes over the entire capital finance market,
automakers will only end up helping their rivals."
"Exactly. That's why Hyundai Motor decided to partner with the American company GE."
"Heh, everyone's teaming up with American firms these days."
Now I understood why Chairman Jang wanted to meet me.
It was a battle for dominance in the capital finance market.
Samsung Group and Hyundai Motor Group were preparing to fight over this market.
Thinking back, I vaguely remembered getting a report about this.
Our Planning Director had suggested bringing in foreign capital to strengthen our capital finance business.
At the time, I had just brushed it off.
Why?
Because just partnering with SAVE Investment alone would be enough to crush foreign capital influence instantly.
Besides, the capital finance market was barely a 5 trillion won scale, and even large capital firms were barely making 300 billion won in operating profit.
That's why I hadn't paid much attention.
There wasn't enough mental space in my head for such a small market.
But from Hyundai Motor Group's perspective, it was not insignificant.
It was their only link into the financial sector.
So naturally, they'd be anxious if Samsung Group tried to swallow up that link.
Maybe I should feel a little anxious too?
What kind of reaction would come if we hinted that we were teaming up with foreign capital?
"Taewoo Motors hadn't planned on partnering with foreign investors until now, but since
everyone else is doing it, we might have to join in. Bringing in a Wall Street investment firm
could easily raise around 10 trillion won."
"Hmm, do you really think Taewoo Group needs to go that far? The more competitors there are, the fiercer the bloodshed gets, doesn't it?"
"That's a concern, of course. If my grandfather hears about this, he'll definitely want to get
involved. Chairman Jang, you know Kim Tae-joong's personality well. To calm him down, we'd need to bring something substantial to the table, right?"
I used my grandfather as an excuse.
No one in the business world was unaware of his ambition, so it was a perfect excuse—and one that made Chairman Jang visibly interested.
"You called me here over the navigation issue, right? Is this about Thinkwin?"
"Yes. We're preparing either to acquire Thinkwin entirely or just their navigation division. But I've heard that Thinkwin has a close relationship with Hyundai Motor."
"Thinkwin has a long-standing connection with Hyundai, indeed. I can help you with the
acquisition process."
How could I refuse when help was offered?
Being polite, I didn't reject Chairman Jang's offer.
"Could you help us build a bridge to Thinkwin?"
"If Chairman Kim wants it, of course I'll make that happen. But... hmm."
"We'll keep things as they are with the capital finance side. Bringing in outside funds just creates unnecessary headaches, doesn't it?"
"Heh, can I trust you on that?"
"Have I ever lied to you, Chairman? I might not make promises lightly, but once I do, I always keep them. If you want, I can stake my grandfather's honor on it."
What could be a more solid guarantee than my grandfather's honor?
In the Taewoo Group, my grandfather was practically above a god, and Chairman Jang knew this well, nodding in agreement.
"Alright then, I'll trust you. But if Taewoo Motors acquires Thinkwin's navigation division,
competition will get fierce. Heh."
"Navigation systems are an essential device for automakers, aren't they? In time, most
automakers will ship vehicles with their own branded navigation systems installed. So it's not really a competition in the usual sense. Hyundai Motor is also developing its own navigation system, after all."
"To gain one thing, you have to give up another. I'll actively support Taewoo Motors in acquiring Thinkwin."
Chairman Jang had a bit of a greedy streak for monopolizing the navigation market.
But the immediate money in the capital finance market made him set aside those ambitions for now.
***
A few days later.
Chairman Jang Kyung-joon arranged a meeting with Park Tae-soo, the chairman of Thinkwin.
Since the founding of his company, Park Tae-soo had maintained a close relationship with Hyundai Motor, and he arrived at the meeting place wearing a constant smile.
"It's an honor to meet two of the leading figures dominating Korea's automotive industry. I'm Park Tae-soo of Thinkwin."
"Chairman Park, it's been a while. Since we already know each other, let's skip the formalities and please meet Kim Min-jae, Vice Chairman of Taewoo Group."
"Pleased to meet you. I'm Kim Min-jae of Taewoo Group."
"Oh! I have met Chairman Kim Tae-joong before. You really resemble him a lot."
"Well then! Since this is an important discussion, let's not have any interruptions. I'll leave you two to have a deep conversation."
Chairman Jang gracefully excused himself.
The atmosphere instantly grew tense, and Park Tae-soo fixed an awkward smile on his face as he turned his attention to me.
"Let me get straight to the point. I want to acquire Thinkwin. If that's not possible, then at least the navigation division."
"This company is like a child I raised myself. How could a parent give their child away while still alive?"
"Think of it not as giving a child up for adoption, but as arranging a marriage. I'm prepared to offer 50 billion won as a dowry."
Thinkwin was still not listed on the KOSDAQ.
That made 50 billion won a substantial offer.
Of course, once it goes public in about ten years, its value would easily triple or more.
"Even if you offered 100 billion won, I would refuse. This company is truly like my child. I ask for your understanding."
Park Tae-soo's words were heartfelt and desperate.
He showed no intention of selling, no matter how much money was offered.
Hmm, thinking it over, there was no need to acquire the entire company.
What I really needed was the technology Thinkwin held.
There was actually a way to get exactly what I wanted while saving money.
And it would be a win-win situation for Thinkwin as well.
TL/n -
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