Korea’s pension fund NPS rules out investing in MBK’s hostile M&A deals

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Korea’s pension fund NPS rules out investing in MBK’s hostile M&A deals - Korea Economic Daily

Quick Summary:

The state-run pension fund, the country’s largest institutional investor, said in a statement that its Fund Management headquarters’ pledged investment in MBK’s sixth blind fund, signed in February, explicitly excludes involvement in hostile takeovers.

Following the selection of MBK as one of the four, however, concerns were raised about the PEF’s investment strategies, particularly regarding its hostile takeover attempt at Korea Zinc.“Some aspects of MBK’s investment strategy were deemed misaligned with the NPS’ investment principles,” said an NPS official.

The NPS’ rare clarification follows concerns over its backing of MBK’s latest fund, particularly in light of the controversy surrounding MBK’s handling of Homeplus Co., a Korean retailer that recently filed for court receivership.