Korea Zinc Co. said Monday it has secured an 11.26 percent stake in the world's biggest zinc smelter in a buyback offer aimed at defending its management control from a "hostile" takeover attempt. Korea Zinc originally aimed to repurchase as much as 20 percent of the stock at 890,000 won (US$640.91) apiece in a battle over the smelter's control with Young Poong Corp., the company's biggest shareholder, and private equity firm MBK Partners. In their tender offer two weeks ago, Young Poong and MBK secured a 5.34 percent stake in Korea Zinc at 830,000 won per share, bringing their overall stake to more than 38 percent. The buyback brought the overall stake held by Korea Zinc Chairman Choi Yun-beom and related parties to 29.32 percent from the previous 18.06 percent, the company said in a regulatory filing. To enhance shareholder value, Korea Zinc said it plans to cancel a 9.85 percent stake as promised. "Korea Zinc expects its friendly shares, including the Choi family's, to reach over 40 percent after the planned cancellation, which is tantamount to the Young Poong side's estimated 42 percent," a company spokesperson said over the phone. Source: Yonhap News Agency
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