It didn’t take long to find out who Park Jin-hyuk was waiting for.
On the third day after his arrival at Novo, the individuals he had been expecting came looking for him.
“Executive Director, were they the ones you were waiting for?”
“Yes. The real negotiations begin now that they’re here.”
They had looked exhausted when they met in Seoul, but the faces of the Bayer representatives now meeting him in Austria were in even worse shape.
With shaggy beards and faces etched with fatigue, they threw out a complaint that wasn’t quite a complaint the moment they saw Park Jin-hyuk.
“If you were coming to Austria, it would have been nice if you told us in advance. We stayed in Seoul for two more days, not knowing you had already left.”
“Ah! Is that so? My apologies. I didn’t think you would keep waiting for me, so I didn’t mention it. Please, come in and have a seat.”
Park Jin-hyuk stepped aside for Bayer’s Snyder and Weinman, then stood up and looked at Werner, Novo’s Chief Technology Officer.
After glancing back and forth at Karin and Krischanitz, who were by his side, he turned to leave the meeting room.
Werner called out to stop him.
“Where are you going?”
“It will be uncomfortable for you to talk while I’m here, so take your time. I’ll head back to my quarters first.”
The people from Bayer felt like they wanted to grab Park Jin-hyuk by the hair to stop him as he withdrew with a smile.
A conversation held without him felt like an empty shell.
However, Park Jin-hyuk left the room without a moment’s hesitation.
Those left behind could only watch his retreating back with regret.
As soon as he stepped outside, Park Jin-hyuk turned to Kim Jun-woo.
“What did they say in Seoul? How far has it progressed?”
“They say they are forming a consortium with DS Fire with the Chairman’s approval. They also contacted me to say they’ve already assembled a team to begin due diligence the moment your order is given.”
“DS Fire? Does that mean DS Fire is participating as a financial investor?”
Before boarding the plane, Park Jin-hyuk had contacted Jung Chan-yong of DS Securities.
He had informed him of the intent to proceed with an acquisition and instructed DS Securities to handle the merger.
The market had shrunk significantly due to the economic downturn caused by the Paris Flu, so the news that DS Pharmaceutical was pursuing a large-scale acquisition was like a godsend to Jung Chan-yong.
After vowing several times to wrap it up as cleanly as possible, Jung Chan-yong had asked Park Jin-hyuk how he planned to secure the funds.
Park Jin-hyuk had told him to handle the financial investors himself and then boarded the plane.
“It seems DS Fire requested that we use their funds instead of looking elsewhere once they heard DS Pharmaceutical had entered the acquisition process.”
“Well, there’s nothing wrong with keeping it in the family, but is it okay?”
“What do you mean, sir?”
“I’m the one receiving the money. But we’re raising funds from the company’s customers and giving that money to someone from the company’s owning family? Doesn’t that seem a bit strange?”
“In that case, I will have the legal team check if there are any legal issues.”
“Right. Look into it carefully. I’m not the kind of person who wants to leave even a small crack that could trip me up later, no matter how tempting the immediate profit is.”
It might not be a problem right now, but there was no rule saying that something as light as dust wouldn’t eventually become a heavy weight on one’s shoulders.
In particular, legal matters could be infinitely light if viewed lightly, but if they became heavy, they could be like a brand shackled to one’s ankle until death.
Park Jin-hyuk did not want such trivial things to hinder him in the future.
That was why he scrutinized every detail, even things that others would have ignored and pushed through.
Park Jin-hyuk grew curious about the acquisition amount Gyeong Dae-yong was projecting.
“How much are they planning for?”
“Having heard that Bayer offered you 800 million dollars, it seems they’re trying to match that level.”
“Tell them not to overdo it, but also not to set the amount too high just to take care of me. I’m not selling my stake because I’m desperate for money right now.”
“Yes. I will pass that along as well.”
Kim Jun-woo committed the instructions to memory and glanced back.
The Novo building, located on the outskirts of Dornbirn, Austria, was clean and large compared to the surrounding structures.
Kim Jun-woo felt somewhat uneasy about leaving only the Bayer and Novo people behind.
“Executive Director, what if Novo accepts Bayer’s proposal?”
“Which proposal?”
“Bayer’s acquisition offer.”
“Novo won’t accept it.”
After speaking with firm conviction, Park Jin-hyuk walked along the quiet path toward their accommodations.
Kim Jun-woo wanted to ask why, but he hesitated, unable to find the words.
Park Jin-hyuk saw his expression and explained, clearing up his curiosity.
“Think back to when I first met the Novo team. When they came to us. When no one else would lend a helping hand, they were so desperate they were practically crying on the floor. That was less than a year ago. People might forget help quickly, but they don’t easily forget the sorrow they were made to feel. It stays as a knot in their hearts forever.”
“Is Bayer one of those knots?”
“Do you think Bayer didn’t participate in that conference? And do you think Novo didn’t propose an investment to them? If they come now and try to buy the company, would Novo accept it? It might have been possible if there were only one decision-maker. There might be someone with a broad heart like a fairy-tale protagonist who says, ‘Let’s forget the past and move forward together.’ But Novo has three decision-makers. If even one of the three was hurt by the past, the deal can’t go through.”
Kim Jun-woo nodded at Park Jin-hyuk’s words.
As he said, the current Novo was a partnership where three co-founders shared power equally.
In such a balance, it was difficult to push one person’s opinion through, and even easier for one person to block an idea.
“Executive Director, even if they don’t have good feelings toward Bayer, is there any guarantee they will side with us?”
“It doesn’t matter if they don’t side with us. The choice isn’t theirs to make.”
“Pardon?”
“Don’t you see? Since I’m already the majority shareholder, the choice is mine. The structure is such that if I decide to acquire them, they have no choice but to be acquired. Giving Novo the chance to come to me is just so I don’t have to sour a long-term friendship. I’m not giving them the power of choice.”
Park Jin-hyuk smiled and entered the hotel they were using, which was said to be over 100 years old.
As he entered, a hotel employee recognized him and approached.
“A guest is here waiting for you.”
Since he was the only Asian staying at the hotel, the employee guided him to the visitor without even asking if he was the right person.
Park Jin-hyuk followed the employee to the cafe beyond the lobby as if he were expecting the guest.
Kim Jun-woo was simply amazed by how everything—from Bayer showing up at Novo to following the hotel staff to the cafe—flowed as naturally as water.
He wanted to ask if Park Jin-hyuk had anticipated this entire situation, but not knowing where to start, he just walked along by his side.
When they reached the edge of the cafe, a man who recognized Park Jin-hyuk stood up and greeted him.
“It is a pleasure. It is an honor to meet Mr. Park from Korea. I am Hans from VolksBank.”
“I was expecting to see you. Please, sit.”
Kim Jun-woo translated by his side, occasionally stealing glances at Park Jin-hyuk’s face.
VolksBank was one of the investors in Novo.
As a shareholder with a 5% stake, it was one of Novo’s early investment entities.
The fact that they had sought out Park Jin-hyuk carried significant meaning.
As soon as he sat down, Hans got straight to the point.
“I have come because I wish to sell our stake in Novo.”
“Why are you looking to hand over your stake?”
“Isn’t the reason you’ve remained here for over three days because you intend to acquire Novo?”
“As expected… you are well-informed.”
“Though we may not be one of Europe’s powerhouse banks, we pride ourselves on having more influence and information here in Austria, especially in Dornbirn, than anywhere else.”
“Well, I won’t waste time by denying it. What price are you thinking of?”
Park Jin-hyuk asked for the price immediately, and negotiations proceeded with VolksBank stating their desired amount.
After discussing a few points, Park Jin-hyuk and Hans concluded the negotiation for the acquisition of the VolksBank stake in less than 30 minutes.
Watching Hans leave, Park Jin-hyuk gave instructions to Kim Jun-woo.
“Tell President Gyeong to immediately begin the process of acquiring the VolksBank stake.”
“Yes, sir. But Executive Director, why are they handing over their stake?”
“When an investor invests, shouldn’t they reap a profit? How could they just stand by when a buyer for the company appears? It’s in their interest to sell using this opportunity.”
“If they held onto it, wouldn’t the price jump even higher if a bidding war breaks out?”
“Do you think they haven’t thought of that? But because I already hold 30%, no matter how much they crunch the numbers, they can’t find a better answer, which is why they came to me. Bayer, and everyone else, came to me first because of the size of the stake I hold. Because of my stake, a bidding war won’t happen.”
Kim Jun-woo thought that perhaps Park Jin-hyuk had demanded 30% with this exact scenario in mind from the moment he first acquired the shares.
Then, prompted by one remaining question, he spoke to Park Jin-hyuk, who was sitting and drinking cold coffee.
“Executive Director, why didn’t you personally acquire the Novo shares from VolksBank?”
From the beginning, Park Jin-hyuk had not acted as the individual buyer but had spoken with Hans as the representative of DS Pharmaceutical.
Having heard the price VolksBank offered, Kim Jun-woo thought it was an amount Park Jin-hyuk might have been greedy for.
If he had acquired them personally and then sold them to DS Pharmaceutical at a higher price, he could have pocketed the difference.
However, Park Jin-hyuk showed no greed for the Novo shares offered at a good price and continued the negotiations from DS Pharmaceutical’s perspective from start to finish.
Park Jin-hyuk nodded as if he knew what Kim Jun-woo wanted to say and replied.
“I told you. This deal isn’t about making money. Also, if I acquire the shares, it won’t look good. The goodwill Novo has for me might vanish if they see me increasing my stake behind their backs.”
“Isn’t it the same whether it’s DS Pharmaceutical or you, sir?”
“It’s not. Keep in mind that you aren’t the only one who might think I could acquire them and then flip them to DS Pharmaceutical for a higher price. If you get greedy over small things, you might lose the big picture. In this deal, money is meaningless. What’s more important is approaching the other party with sincerity.”
Only then did Kim Jun-woo understand Park Jin-hyuk’s intent.
DS Pharmaceutical acquiring the shares directly could be seen as an expression of the company’s commitment to the acquisition.
However, if it went through Park Jin-hyuk’s hands, he would eventually be viewed as a businessman chasing money.
From Novo’s perspective, it was natural that they would rather hand over the company to someone showing commitment rather than a businessman only chasing profit.
“Let’s go back and rest for a bit. There might be another showdown this evening.”
“Pardon? A showdown?”
“Yes. It’ll be wrapped up today. Book tickets for a flight back tomorrow afternoon.”
Kim Jun-woo couldn’t believe it would be settled today, but he had no choice but to follow Park Jin-hyuk’s words.
Seeing Park Jin-hyuk move as if he knew everything, Kim Jun-woo had become cautious about even offering a different opinion.
It didn’t take long for that thought to be proven right.
***
Before the sun set, the co-founders of Novo came to the hotel to see Park Jin-hyuk.
They sat before him and stared in silence for a long time before finally beginning to talk about the merger with DS Pharmaceutical.
Park Jin-hyuk once again guaranteed them autonomy in development.
However, he honestly stated that unlike when he was the majority shareholder, if they were under DS Pharmaceutical, interference from headquarters would be unavoidable.
He felt that at this stage, a clear stance was more important than a vague promise.
While they were trying to reach greater heights based on the profit and fame gained through Tatulumide, the Novo founders were frustrated that Novo had become a target for various pharmaceutical companies.
Bayer had come today, but Johnson & Johnson might come tomorrow, or Novartis might blatantly declare a hostile takeover.
In that case, they worried they would be too distracted by other things to focus on development.
“We are lacking in technology. But through working with us, you must have realized our infrastructure is solid. If Novo and DS Pharmaceutical join forces, it’s certain we will fill each other’s gaps and gain greater wings. Rather than entering another global pharmaceutical firm and having the status of just another research lab, why not fill each other’s needs and become a global pharmaceutical company together?”
At Park Jin-hyuk’s words, the founders let out deep sighs and agreed to be acquired by DS Pharmaceutical.
They judged it better to settle in one place and find stability rather than being pushed around here and there.
And if they were to find a stable partner, DS Pharmaceutical was their only choice.
Before they had come to see Park Jin-hyuk, they had heard news that VolksBank was transferring its shares to DS Pharmaceutical.
With the newly acquired shares and Park Jin-hyuk’s current stake, he didn’t even need much more; if he won over just two or three more existing investors, a merger with DS Pharmaceutical would become an unavoidable reality.
Since things had come to this, they decided it was better to approve the merger with DS Pharmaceutical with their own hands.
That way, they could avoid a battle of nerves later and demand a bit more.
As the opinions of Park Jin-hyuk and the Novo founders aligned, things flowed naturally without any major obstacles.
Just as Park Jin-hyuk had told Kim Jun-woo, they were able to reach a broad agreement on the acquisition of Novo before the evening passed.
“Contact President Gyeong. Tell him we’ve reached an agreement here, so to start the acquisition process immediately.”
It was the crack of dawn in Seoul, a time that was awkward to even call early morning.
Kim Jun-woo relayed Park Jin-hyuk’s instructions to a half-asleep Gyeong Dae-yong, wrapping up their schedule in Austria.
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