Young Poong and MBK are seeking to secure management control of the world's largest zinc smelter by acquiring an additional 7 to 14.6 percent stake through a tender offer from Sept. 13 to Oct. 4.
They filed an injunction with the Seoul Central District Court last month seeking to block Korea Zinc's share buyback during this period.
The court dismissed the request, rejecting Young Poong's claim that Korea Zinc is a party of special interest barred from buying its own shares under capital markets law.
Korea Zinc plays a crucial role in South Korea's supply chain, providing essential materials for industries such as electronics, semiconductors, automotive, and secondary batteries.
The zinc smelter was co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. Currently, the Choi family manages Korea Zinc, while the Chang family oversees Young Poong and its electronics affiliates.
Since Choi Yun-beom took over as chairman in 2022, competition for the acquisition of Korea Zinc shares has intensified between the Choi family and the Chang family of Young Poong.
Copyright ⓒ Aju Press All rights reserved.
