Korea Zinc Co. said Monday it, together with Bain Capital, has acquired an 11.26 percent stake in the world's biggest zinc smelter in a buyback aimed at defending its management control from a multibillion-dollar takeover attempt. Korea Zinc originally sought to repurchase as much as 20 percent of the stock at 890,000 won (US$640) 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 earlier this month, Young Poong and MBK secured a 5.34 percent stake in Korea Zinc at 830,000 won per share, bringing their overall stake to 38.47 percent. The buyback brought the 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. Korea Zinc jumped 6.4 percent to 1,332,000 won as of 2:10 p.m., and Young Poong advanced 6 percent to 391,500 won, far higher than the broader KOSPI's 1 percent gain. Source: Yonhap News Agency
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