Korea Zinc Chair Choi Yun-birm reportedly met Hanwha Group Vice Chairman Kim Dong-kwan, the heir apparent of the South Korean energy-to-defense conglomerate, over the Chuseok holiday last week to discuss countermeasures against a tender offer by MBK and the smelter’s top shareholder Young Poong Group, industry sources said on Sunday.Hanwha Group holds a 7.75% stake in Korea Zinc as of end-June.
CONCERNS OVER POTENTIAL DISRUPTIONS“Korea Zinc’s partnerships with Hanwha, LG Chem and Hyundai Motor mostly concentrated in overseas businesses,” said another source.“They are worried about possible disruptions in long-term investments of hundreds of millions of dollars.”Despite the support from those conglomerates, Korea Zinc still needs money to counter MBK and Young Poong as they plan to increase their stakes to more than 40% together.
Choi was also known to have secured support from LG Group whose chemicals unit LG Chem Ltd.has a 1.89% stake in Korea Zinc.Hankook & Company Co.with a 0.75% stake has already said it would back Choi.“Choi succeeded in collecting white knights over the Chuseok holidays as key shareholders did not really like MBK’s criticism over investments in new businesses led by the chairman,” said one of the sources.
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