{"id":2206604,"date":"2024-09-27T08:00:44","date_gmt":"2024-09-26T23:00:44","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206604"},"modified":"2024-09-26T16:24:55","modified_gmt":"2024-09-26T07:24:55","slug":"takeover-battle-intensifies-as-investors-increase-bid-for-korea-zinc","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/takeover-battle-intensifies-as-investors-increase-bid-for-korea-zinc\/","title":{"rendered":"Takeover battle intensifies as investors increase bid for Korea Zinc"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Korea Zinc\u2019s management is under pressure as its largest shareholder, Young Poong, has partnered with private equity firm MBK Partners to increase control over the company. Korea Zinc has resisted the move, calling it a hostile takeover attempt that could disrupt its long-term plans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MBK Partners and Young Poong <\/span><a href=\"https:\/\/www.wsj.com\/business\/korea-zinc-gets-sweetened-takeover-offer-43f40239\"><span style=\"font-weight: 400;\">raised their offer<\/span><\/a><span style=\"font-weight: 400;\"> on Thursday to about $565 (750,000 won) per share, a 14% increase from their previous bid. This would give the group control over 47.74% of Korea Zinc, valued at approximately $1.7 billion. The company\u2019s shares jumped 6.5% following the revised bid, reaching 747,000 won.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Korea Zinc supplies essential materials for electric vehicles and renewable energy projects, among other products and services. The smelter is set to <\/span><a href=\"https:\/\/www.kedglobal.com\/mergers-acquisitions\/newsView\/ked202409250014\"><span style=\"font-weight: 400;\">sell<\/span><\/a><span style=\"font-weight: 400;\"> about $300 million (400 billion won) in commercial papers, and it may use the proceeds to continue resisting MBK and Young Poong Group\u2019s takeover attempt.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Korea Zinc stakeholders, particularly its workers, are likely suspicious of MBK\u2019s attempts to acquire the company, given the private equity firm\u2019s track record with Homeplus. Since <\/span><a href=\"https:\/\/www.tescoplc.com\/tesco-agrees-to-sell-homeplus\/\"><span style=\"font-weight: 400;\">acquiring<\/span><\/a><span style=\"font-weight: 400;\"> the retail chain in 2015, MBK has sold off <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240621099400030\"><span style=\"font-weight: 400;\">over 20 stores<\/span><\/a><span style=\"font-weight: 400;\"> and significantly cut investments, leading to accusations of seeking short-term gains while neglecting long-term stability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Workers at Korea Zinc likely fear a similar approach could take place if MBK takes control, leading to potential asset sales, reduced investment in key projects like battery materials and renewable energy, and a focus on maximizing short-term profits. Other corporate stakeholders, such as Hanwha and LG Chem, may support Korea Zinc\u2019s attempts to resist the takeover bid. If MBK successfully acquires Korea Zinc and prioritizes short-term gains, it could disrupt the supply chain for critical materials such as zinc and other metals, increasing costs and uncertainty for industries heavily dependent on stable material flows, particularly in EV and battery production.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are also likely similar <\/span><a href=\"https:\/\/www.afr.com\/companies\/energy\/korean-1-5b-hostile-bid-sparks-fears-for-qld-renewables-play-20240917-p5kb3w\"><span style=\"font-weight: 400;\">concerns in Australia<\/span><\/a><span style=\"font-weight: 400;\">, where Korea Zinc has <\/span><a href=\"https:\/\/arkenergy.com.au\/about\/\"><span style=\"font-weight: 400;\">invested heavily<\/span><\/a><span style=\"font-weight: 400;\"> in renewable energy projects. If MBK focuses on short-term profitability, it could delay or even cancel long-term investments, putting jobs and the region\u2019s renewable energy goals at risk.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Korea Zinc\u2019s management is under pressure as its largest shareholder, Young Poong, has partnered with private equity firm MBK Partners to increase control over the company. Korea Zinc has resisted the move, calling it a hostile takeover attempt that could disrupt its long-term plans. MBK Partners and Young Poong raised their offer on Thursday to [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2206604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Takeover battle intensifies as investors increase bid for Korea Zinc - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/takeover-battle-intensifies-as-investors-increase-bid-for-korea-zinc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Takeover battle intensifies as investors increase bid for Korea Zinc - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Korea Zinc\u2019s management is under pressure as its largest shareholder, Young Poong, has partnered with private equity firm MBK Partners to increase control over the company. 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