Korea Zinc chairman accused of using activist platform to pressure Young Poong

Young Poong said Tuesday that Korea Zinc Chairman Choi Yun-beom had joined forces with shareholder activist platform ACT to prepare an offensive against it amid a long-standing dispute over management rights of the world’s largest zinc smelter. Young Poong has been aligned with private equity firm MBK Partners in the dispute against Choi since last year. The Young Poong–MBK alliance is currently the largest shareholder of the smelter. According to Young Poong, ACT’s internal report from September 2024 used the phrase “attack on Y (Young Poong)” and outlined tactics such as reviewing the shareholder registry, filing injunctions and appointing temporary shareholder representatives. The plan predates the Young Poong–MBK alliance’s tender offer on Sept. 13, 2024, which aimed to become the smelting firm’s largest shareholder. “This undermines Choi’s claim of being a hostile M&A (merger and acquisition) victim,” a Young Poong official said. ACT also amended part of its contract with Korea Zinc to include Young Poong Precision (now called KZ Precision), a company affiliatedWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times