Hearing that Roh Moo-hyun finally entered the topic, he was shocked and quickly cheered up: "Yes! I think that after you become the president of South Korea, the South Korean economy will continue to develop healthily. Because of this, I want to acquire the Daewoo Group! And I hope to get the president.
Sir’s support!”
After nodding, Roh Moo-hyun said with a faint smile on his face: "Daewoo Group is the second largest enterprise in South Korea, a Fortune 500 company, and a representative of the Korean industrial community! Even if I were the president, I am afraid I cannot decide the future of Daewoo Group.
!South Korea is a democratic country!”
If you can't tell whether you refuse or agree, it's a bargaining chip before negotiation! Whether you can get the other party to agree to your acquisition depends on his subsequent performance.
"Before the 1998 financial crisis, Daewoo Group was indeed one of the world's top 500 companies and the representative and pride of South Korea's industrial community. But now it is only insolvent and has debts of over 86 trillion won (approximately 8oo won to 1 U.S. dollar), and its own assets
The largest bankrupt company in South Korea with less than 25 trillion won! Even in order to prevent Daewoo from going bankrupt and being unable to repay its loans, causing severe economic turmoil, the Korean government has to continue to use taxpayers’ money to support its operations. Moreover, it must take money every year
Use billions of dollars in profits to repay bank loans. I don't think it is a good thing for South Korea to keep such a company in its hands, even if it once had glory! Seriously.
"Mr. Liu may have made a mistake. The current Daewoo Group's debt has been reduced by half!" Roh Moo-hyun said.
"Mr. President, even if it is reduced by half, the remaining debt of 6 billion US dollars will still be a heavy burden for the Korean government. Don't the donations from Korean citizens and the loan of more than 5 billion US dollars from the International Monetary Fund need to be replaced?"
Yet?"
****'s unkind words made Roh Moo-hyun's expression gloomy.
But there is nothing we can do at this time. If he doesn’t clarify the facts, he will inevitably suffer losses later. What if Roh Moo-hyun gets hot and plans to make him responsible for all the foreign debts incurred by the Daewoo Group? Then****
Definitely turn around and leave.
10 billion U.S. dollars, after subtracting the current total assets of Daewoo Group, the remainder still has liabilities of 10 billion U.S. dollars!
There is no fool in the world who would take the initiative to buy such a "huge pit" enterprise!
In fact, the reason why Roh Moo-hyun looks so gloomy at this moment is not because **** took the initiative to touch the scar of Daewoo Group. People who can become the president of a country are not that narrow-minded.
What really made Roh Moo-hyun angry was Kim Woo-jung, the former chairman of Daewoo Group!
Originally, Daewoo Group's liabilities after the 1998 financial crisis were only about US$8 billion. However, in the process of cleaning up its unimportant industries, Kim Woo-joong saw that he was powerless and simply took away all the deposits of Daewoo Group and the loans of dozens of banks.
Escaped from Korea!
His escape not only took away nearly $0 billion in funds, but also turned Daewoo Group into a huge quagmire with a debt of $12 billion!
The South Korean government, which was so angry with Kim Woo-jung and his Daewoo Group, issued a global arrest warrant for Kim Woo-jung himself who had fled. The former Korean hero instantly turned into a street rat that everyone wanted to beat.
However, the banks did not care about this, and the liabilities of US$12 billion fell on the Korean government. The Korean economy, which had just recovered from the 1998 economic crisis, took another blow on the head!
In order to avoid the severe economic turmoil caused by the collapse of Daewoo Group, the impoverished Koreans who had been tortured by the 1998 financial crisis had to hold their noses and took over a loan of nearly 6 billion US dollars from the International Monetary Fund. To block Daewoo Group's stay
The big hole underneath.
Of course, the greed of international capital is unimaginable to ordinary people. Just like the Xinchou Treaty signed by the Qing government, the compensation of 450 million taels of silver, 39 years later, became 980 million taels including principal and interest, which was almost doubled.
!
The loan South Korea received from the International Monetary Fund was not much better than the Xinchou Treaty.
In the world, there are always few people who offer help in times of trouble, and many people who add insult to injury. After finally catching South Korea, the big fat meat known as the "Four Asian Tigers", the international capitalists wielding knives and forks. Especially those gluttons on Wall Street will not be polite.
.
Moreover, the attached conditions of the loan are not only huge principal and interest, but also attached political and economic conditions. Let’s not talk about the political conditions for the moment. Economically, apart from tariff independence, South Korea is almost facing the West, especially the United States.
Opened up the market.
Originally, in order to protect domestic economic development, South Korea stipulated that foreign capital should not hold more than % of the shares of listed Korean companies. Now this clause no longer exists!
Except for a few large enterprises that are related to national stability and security, there is still a rule that foreign investment cannot exceed 50%, and the rest are basically liberalized!
And this is also the reason why South Korea was able to recover quickly after the 1997 crisis.
Because too many foreign investors rushed in to pick up the slack due to South Korea's crisis, South Korea's economy has prospered again. But this kind of prosperity may not be what South Korea wants to see.
But there is no way, the situation is stronger than the people. Although opening the market is more painful, it is still much better than the collapse of the government and the severe decline of the national economy, or even recession.
After all, although the loan of nearly 6 billion US dollars saved South Korea for a while, when the principal and interest are repaid in the future, it will no longer be 6 billion US dollars, but a huge amount of hundreds of billions of dollars.
If the remaining US$6 billion of Daewoo Group is added, this is nearly US$16 billion in senior debt.
16 billion U.S. dollars, plus interest and profit, South Korea will not be able to pay it back in decades!
However, although the financial gluttons of the International Monetary Fund were prepared to eat meat and drink soup, they misjudged South Korea. Just like Steven Rockefeller once did.
Westerners understand Westerners, but they still cannot understand the spiritual core and behavioral habits of Easterners.
At the call of the government, more than two million Koreans voluntarily took out their Chinese dollars and gold and silver jewelry to save the country. Although the funds they took out were less than 2 billion U.S. dollars, they awakened almost all Koreans.
The united Korean people, coupled with the renewed vitality of many companies after being acquired by foreign capital, also allowed the Korean economy, which had a good foundation, to quickly get out of the trough. The fast-growing economy gave them more confidence to repay their debts.
foreign debt.
But this does not mean forgiveness. The person who everyone in the South Korean government hates most is Kim Woo-jung. He has saddled South Korea with almost unbearable foreign debt.
South Korea almost completely sank in the 1998 financial crisis!
"call!"
After taking a long breath, Roh Moo-hyun's face recovered. He looked at the man sitting next to him and said solemnly: "I can allow you and even help you acquire the Daewoo Group. But all the debts of the Daewoo Group will also be borne by you.
Take responsibility, the Korean government will no longer bear any responsibility!”
In recent years, the South Korean government has been tortured by the bad debts left by Daewoo Group.
The banks that come to collect money every day, the Daewoo employees who protest because of their unemployment, Roh Moo-hyun has already had enough of this kind of life.
Moreover, after selling Daewoo Group and repaying tens of billions of dollars in foreign debt, South Korea's economy will develop faster without these capitalists who are sucking blood from South Korea. Therefore, he agreed to the acquisition application.
"Mr. President, the foreign debt that Daewoo Group currently carries is nearly 600 million U.S. dollars, while the total capital of Daewoo Group is only 28 billion U.S. dollars. Is it too much for us to bear a debt of 35 billion U.S. dollars while acquiring Daewoo Group?
Yes! Seriously.
After the two of them reached an agreement on whether Daewoo Group should be sold, it was natural for them to bargain over the price.
"What price does Mr. Liu think is appropriate?" Roh Moo-hyun asked.
"400 million U.S. dollars, this price is very reasonable, and it also protects the interests of South Korea! After thinking about it for a while, I said.
"USD 400 billion? Haha, if Daewoo Group could really be sold at this price, I'm afraid it wouldn't be here today, and Mr. Liu wouldn't have the chance to sit here and chat with me!" Roh Moo-hyun shook his head.
Knowing that it is impossible to win the Daewoo Group with US$4 billion! Even today, the Daewoo Group has grown from its original peak, with 29 series companies and multiple foreign branches, ranking 43rd in the Fortune Global 500, with a total value of more than 6.5 billion US dollars.
South Korea's second largest conglomerate has declined. But its core and 12 most valuable branches have remained.
Moreover, if they cannot pay a price that is irresistible, how can Koreans with their character sell their country's once second largest industrial group to a foreigner?
"How much does Mr. President think is appropriate? He asked instead.
"USD 600 million, half of which will be paid in cash immediately after signing the contract, and Daewoo Group is allowed to pay off the remainder within twenty years, but interest must be paid!"
"This is impossible! US$600 million is almost more than double the current market value of Daewoo Group. Even if it is a premium acquisition, no consortium in the world will spend so much money! He immediately shook his head.
Just kidding, he is here to negotiate acquisitions, not to be taken advantage of!
"No, Japan's Fuji Consortium, the United States' General Motors and Ford Motor, Germany's Volkswagen Group, and South Korea's Doosan Group and Hyundai Group have all submitted acquisition applications to the Ministry of Industry and Industry!"
"But they are only interested in part of the Daewoo Group, not all of it! And they will not bear twice the purchase price!" interrupted the other party.
"But this at least proves that Daewoo Group does not lack buyers! Moreover, even if the acquisition agreement cannot be reached in the end, it is not unacceptable for Daewoo Group to be managed by the government!" Roh Moo-hyun said. (To be continued.)
ps: Thank you to friend ‘Jealousy Cult’ and ‘qingha2ooo’ for their support with two monthly tickets each, as well as friend ‘Baby Panda’ and ‘1ujun1968’ for their reward support. Thank you very much!
When the ground comes down and the clouds come down, come to the pavilion and you can get the view.]