Family feud over world's largest zinc smelter intensifies
Private equity firm MBK and Young Poong have secured a more than 5% stake in Korea Zinc through a tender offer that closed on Monday, Young Poong said in a regulatory filing. Young Poong launched a $1.7billion takeover bid in September, along with private equity firm MBK , for up to 14.6% of Korea Zinc shares.The bid was raised over corporate governance concerns. Korea Zinc has the largest zinc smelter in the world. Young Poong is made up of members of the Chang family.
Under an informal agreement reached between the two co-founders, Korea Zinc was to be managed by the Choi family and Young Poong and its affiliates by the Chang family.The Choi family teamed up with Bain Capital to fend off the takeover bid in September. Tender raisedLast week, Korea Zinc raised the purchase price and size of its tender offer, valuing the tender offer at 3.6 trillion won . The offer closes on Oct. 23Young Poong-MBK partnership holds just over 1.
Young Poong Chang Byung-Hee Bain MBK
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korea claims North Korea is preparing to blow up border roadsDestroying the roads would be in line with Kim Jong Un's push to cut off ties with South Korea and formally cement it as the North's principal enemy.
Read more »
Moment heroic young boy fights off enraged bull to save his grandmaJitan ran to help his grandmother Angoori Devi after she was attacked by a bull in Mahendragarh, in Haryana, northern India
Read more »
Tiernan Lynch hails exciting young player who 'can mix it with the best of them'The Invermen picked up a crucial victory over Linfield on Saturday and Lynch highlighted one player's contribution
Read more »
The night out which left seven young men in prison and another fighting for his lifeWhat began as one man brushing past another on a nightclub dancefloor led to a boxer being stabbed in the heart
Read more »
Arts project helping young people paint a brighter futureIt is one of 18 projects which received investment as part of the scheme in locations across Northern Ireland this year
Read more »
FourFourTwo's 100 best young players in 2001 list re-emerges and makes for incredible readingFourFourTwo's list of the 100 best young players in the world in 2001 has re-emerged - and it makes for fascinating reading over two decades on.
Read more »