SEOUL, Dec 3 (Reuters) - Korea Zinc said on Tuesday its
board has decided to hold a special shareholders' meeting
on Jan. 23 to discuss the appointment of directors proposed by stakeholders Young Poong
and private equity firm MBK Partners amid an escalating fight
for control of the company.
Korea Zinc led by Chairman Yun B. Choi seeks to retain management control of the
world's top refined zinc producer in the face of a takeover bid by Young Poong,
a rival producer, and its ally MBK. They are Korea
Zinc's two biggest shareholders.
Young Poong and MBK asked a court to require Korea Zinc to hold a special shareholder
meeting to discuss their request to nominate 14 new directors
to the firm, which now has 13 board members, to represent more than half the board.
The takeover battle pits members of Korea Zinc's two founding families.
Chairman Choi, a grandson of the company's co-founder, has taken a series of steps to try to thwart the
takeover bid including promising to give its board more independence by making way for an outsider to become its chair.
Choi is also expected to nominate new independent directors to woo investors,
including the National Pension Service, which holds a stake
of more than 5% in the company, according to analysts.
Choi and a group friendly to him hold about a 35% stake.
Young Poong and MBK have nearly 40% of the shares
after a tender offer.
Korea Zinc shares jumped 20% on Monday on expectations that
the two sides will buy more stocks in the open market and rose more than 9%
on Tuesday.
The country's financial watchdog is investigating
Korea Zinc over a now-scrapped share issue plan that triggered a backlash from investors and
governance experts. (Reporting by Jack Kim;
Additional reporting by Hyunsu Yim; Editing by Jacqueline Wong and Susan Fenton)
Also visit my homepage - ขาย wine