Korea Zinc's Vice Chairman Lee Je-joong and other employees show their resolve to oppose the public tender offer at a press conference held at Korea Zinc's headquarters in Seoul on September 24, 2024. AJP
SEOUL, September 24 (AJP) - Korea Zinc, a leading global non-ferrous metal refiner, on Tuesday rejected a hostile takeover bid by Young Poong and its partner, private equity firm MBK Partners.
In a press conference, Vice Chairman Lee Je-joong labeled the bid as “predatory behavior” and warned that a takeover could lead to the leakage of core technologies abroad, jeopardizing South Korea’s industrial competitiveness.
Lee said Korea Zinc’s employees are committed to supporting the current management under Chairman Choi Yun-beom.
Key technical personnel and employees who attended the press conference expressed their strong opposition to MBK’s takeover attempt, with many saying they would resign if the company’s management were to fall into MBK’s hands.
Korea Zinc plays a vital role in the supply chain for various advanced industries in South Korea, providing essential materials for sectors such as electronics, semiconductors, automotive and secondary batteries.
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