[Through its Monaco-based subsidiary, Sovereign Asset Management becomes the single largest shareholder of ST Co.!]
[Will the ST Group, shaken by owner-related risks, be handed over to foreign capital?]
[The first-ever hostile M&A attempt by foreign capital against a domestic conglomerate]
[Triggered by Sovereign's disclosure of acquiring shares in ST Co., all ST Group stocks hit the upper limit amid a management control dispute]
[Government: "Investigating Crest's acquisition process of ST shares"]
[Domestic companies left defenseless against foreign capital attacks]
[Fair Trade Commission cites opaque governance at ST Group as reason for M&A attempt]
[ST Group scrambles to devise countermeasures amid sudden management control battle]
The stock market, along with the entire business world, had been thrown into chaos over the past three days—like a stirred-up hornet's nest—by the sudden bombshell of a management control dispute within the ST Group.
Seok-won, who had come down to Jeju Island, sat on a leather sofa beside a floor-to-ceiling glass window revealing a cloudless, crystal-clear sky, speaking on the phone with Division Head Choi Ho-geun in Seoul.
[With institutions and foreign investors, as well as individual investors, all joining the buying spree, ST Co.'s stock price broke past 30,000 won and closed at 30,050 won per share.]
"There are plenty of people trying to buy, but since no one is willing to sell, the price can only keep rising."
[That's correct.]
Wearing a gray knit sweater, Seok-won crossed one leg over the other and asked,
"How is the ST Group reacting?"
Division Head Choi Ho-geun replied in a voice full of composure.
[They say it's complete chaos, as if a bomb has gone off.]
Seok-won, as if he had expected as much, shrugged and responded leisurely.
"Since the hostile M&A attack came in while Chairman Moon is under arrest and indictment, they won't be able to respond immediately—they'll be in disarray."
Seok-won's gaze briefly shifted to the newspaper headline resting on the table before returning.
"On top of that, the government's out-of-sync response has also played a part in preventing ST Group from properly establishing its stance on how to respond."
[Even if we set aside the Fair Trade Commission, which has always been critical of the governance structure of domestic conglomerates, I never expected Deputy Prime Minister for Economic Affairs Lee Byung-hak to publicly state that he would not intervene in a hostile M&A as long as there were no procedural issues.]
Although Chairman Moon Byung-kwon, who had been indicted under detention, had committed serious illegal acts such as backdoor dealings and accounting fraud, the general belief in the business community was that the government would not simply stand by and allow ST Group—a conglomerate ranked third in the corporate hierarchy, not some small or mid-sized company—to fall into the hands of foreign capital for a pittance.
However, in response to questions from attendees at a Korean economic briefing held in New York, Deputy Prime Minister Lee Byung-hak made remarks that ran completely counter to those expectations.
"They made that statement at a venue meant to encourage foreign investors to invest in Korea, so they couldn't exactly say they would unconditionally protect the management rights of domestic companies."
[That's true, but from the perspective of the business community, which naturally expected the government to step in and defend management control, it must have come as quite a shock.]
It was clear just how seriously the business world was taking this incident, judging by how not only the Federation of Korean Industries but also major media outlets had swarmed to criticize Deputy Prime Minister Lee Byung-hak's remarks.
"That's why the Ministry of Trade, Industry and Energy hurriedly tried to put out the fire by raising objections to Crest Securities—no, Sovereign's—acquisition of ST Co. shares, stating that if any illegality is found, a complaint would be unavoidable."
[Considering that, with this disclosure, Sovereign has already become the largest shareholder of ST Co., and that even when combining Chairman Moon Byung-kwon's stake with friendly shares, there's still a significant gap, isn't it possible that the management control dispute could end more anticlimactically than expected?]
"Normally, that would be the case."
Seok-won adjusted his grip on the phone in his hand as he continued.
"But this time, other conglomerates will step in as white knights to provide support."
When a hostile M&A occurs, friendly forces that assist management in defending control are referred to as white knights.
"Of course, due to issues like the accounting fraud scandal and various other reasons, they won't be able to help openly—but they'll definitely provide support, both directly and indirectly."
Division Head Choi Ho-geun responded cautiously.
[If Sovereign succeeds in this hostile M&A, it will set a precedent and put other conglomerates at risk as well—so you're saying they'll try to stop it no matter what.]
Leaning back into the soft sofa, Seok-won nodded.
"That's right. ST Group may be an extreme case, but other conglomerates are no different—the owner families still control the entire group with relatively small stakes."
A deep smile spread across his lips.
"On top of that, if it becomes known that we hold a 10% stake, the balance won't tilt decisively to either side."
[Ha ha. When both sides are fighting tooth and nail and realize that you hold the key to deciding the winner, I'm already curious what kind of expressions they'll make.]
Seok-won also chuckled lightly as he replied,
"I feel the same."
At that moment, after a light knock, Han Ji-sung, his executive secretary, stepped inside.
"Let's continue the rest of the discussion when I return to Seoul."
[Understood.]
After ending the call and lowering his phone from his ear, Seok-won was addressed by Manager Han Ji-sung, who stood before him.
"T-minus 20 minutes until launch."
Rolling up one sleeve, Seok-won checked the watch on his wrist and spoke in a slightly subdued voice.
"Where is CEO Choi?"
Receiving his gaze, Han Ji-sung answered immediately.
"He's been at the launch control center since fueling and liquid oxygen injection began."
"After working day and night for so long, he probably couldn't just sit back and wait calmly for today's results."
To be honest, he, too, had wanted to go to the launch control center and watch the entire preparation process from the beginning, but he was deliberately waiting here in a separately arranged VIP lounge so as not to disrupt the staff's concentration.
"Let's head over as well."
Rising from the sofa, Seok-won took long strides toward the exit.
***
As the security doors slid open to either side, Seok-won entered the launch control center together with Manager Han Ji-sung.
Inside, dozens of operational staff were busily moving about ahead of the second launch of the Ouranos rocket.
Perhaps because they had already tasted failure once, the atmosphere in the room was filled not with anticipation and excitement, but with a heavy tension.
CEO Choi Tae-ho, Executive Director Woo Byung-ho, and Head of Launch Vehicle Division Yoon Jin-gu—who had been engaged in a serious discussion with Launch Control Center Director Choi Jung-seop, a headset hanging around his neck—noticed him and hurriedly bowed their heads.
"Welcome."
"Good to have you here."
Raising a hand lightly in place of a greeting, Seok-won soon shifted his gaze forward.
At the center of the main screen that filled the entire wall, the massive Ouranos rocket stood tall on the launch pad, displaying its imposing presence as it pointed toward the blue sky.
The way it emitted white vapor made it look as though it had drawn itself in tightly, gathering strength while breathing heavily—like it was about to break through the atmosphere and burst out into space with everything it had.
"Launch preparations are proceeding without any issues, I assume?"
At Seok-won's question, Director Choi Jung-seop nodded and replied,
"Yes. The weather is good, and there's hardly any wind—conditions are optimal for launching the rocket."
Then, perhaps due to the tension, he continued speaking in a somewhat stiff voice.
"We have successfully completed fueling the launch vehicle with both propellant and oxidizer, and the nitrogen gas required for the upper-stage attitude control system has also been fully injected."
At that, CEO Choi Tae-ho, who was standing nearby, picked up the conversation.
"Starting three hours ago, a ban on vessel traffic and fishing operations within a 3-kilometer radius has been enforced, and ten Coast Guard patrol boats are on standby in preparation for any contingency."
Seok-won gave a slight nod.
"Then all that remains is to wait for a successful launch."
"That's correct."
Looking around at those present, Seok-won spoke in a calm voice.
"After the failure of the first launch, all of you have worked tirelessly, day and night, to make the Ouranos rocket even more perfect. I believe that the sweat you've poured into this effort will never betray us."
At that, CEO Choi Tae-ho nodded heavily.
"This time, we will definitely succeed."
Standing beside him, Division Head Yoon Jin-gu added with a resolute expression,
"That's right. We allowed not even the slightest margin of error, repeatedly dismantling and reassembling it hundreds, thousands of times—so it will surely soar magnificently beyond the atmosphere."
"There will be no need for a third launch. I am confident that today, we will open a new path to space."
As Executive Director Woo Byung-ho added his words with conviction, Seok-won gave a faint smile.
"I think so too."
At that moment, a recorded announcement flowed from the speakers installed along the wall.
[15 minutes until launch. From this point, all systems will transition to automatic sequence.]
From here on, the computer would carry out the launch procedures automatically according to a pre-programmed sequence, and if any issue arose, the countdown would be halted immediately.
It was a measure designed to prevent human error and increase the success rate, even if only slightly.
As the countdown numbers displayed on one side of the main screen rapidly decreased, the air inside the control center grew increasingly suffocating.
Some stared intently at the Ouranos rocket standing on the launch pad, repeatedly swallowing dry saliva, while others, trying to steady their nerves even a little, took out calming pills and swallowed them.
Amid the tension, as thin as ice, Seok-won also maintained a composed expression on the surface—but before he knew it, his fists had clenched tightly, and he could not take his eyes off the main screen.
And so, after what felt like an unusually long stretch of time, the fateful moment that would determine success or failure finally approached.
[...5, 4, 3, 2, 1, Launch!]
At the very moment the timer on the main screen hit zero, a thunderous roar erupted from the Ouranos rocket's engines, and blazing red flames burst forth.
Rumble—!
Water poured down to prevent the 2,000-degree Celsius flames blasting from the engines from melting the launch pad, instantly turning into steam, blanketing the surroundings in a cloud of white.
"...!"
Everyone held their breath, staring at the main screen as if determined not to miss even a single moment.
As if their desperate hopes for success had been answered, the ice clinging to the rocket's outer surface shattered and fell away, and the massive 145-ton steel body began to slowly rise upward, defying gravity.
During the first launch, although liftoff had succeeded, a problem had occurred during ascent, leading to failure—so not a single person could relax. Some anxiously bit their nails, while others clasped their hands tightly together in prayer.
[First-stage engine shutdown confirmed!]
At the first hurdle toward success, the control center fell into silence.
As everyone stared at the main screen with desperate expressions, the long-awaited announcement finally came through the speakers once again.
[First-stage separation confirmed. Second stage ignition.]
"We've passed an altitude of 100 kilometers!"
[Flight nominal. Passing 170 kilometers. Fairing separation confirmed.]
Watching the camera feed from inside the rocket, CEO Choi Tae-ho shouted out loudly, forgetting even that Seok-won was standing beside him.
"That's it! That's it!"
[Passing altitude 300 kilometers.]
Now that success was truly within reach, their insides felt as though they were burning with tension, and their mouths had gone completely dry.
[Second-stage engine shutdown. Satellite insertion into orbit confirmed.]
The moment they confirmed through the camera feed that the performance verification satellite had separated from the second-stage rocket, everyone sprang to their feet at once, raising both arms high and erupting into cheers.
"We did it!"
"Aaaah!"
"It's a success! We finally did it!"
Seok-won, who had been watching with bated breath, also broke into a bright smile and extended his hand first toward CEO Choi Tae-ho, whose face was flushed with excitement.
"Congratulations on the success."
"Thank you! It's all thanks to your full support, Chairman."
CEO Choi Tae-ho replied in a voice still filled with excitement, his eyes reddening.
As Seok-won exchanged handshakes and congratulations with those around him, he felt a surge of overwhelming emotion rising deep within his chest.
At last, it was the moment Korea proudly became the ninth member of the Space Club.