South Korea watchdog launches probes into battle to control Korea Zinc
The chief of South Korea’s Financial Supervisory Service on Tuesday ordered a probe into tender offers for Korea Zinc shares to monitor for any unfair trade practices, the financial watch dog said in a statement.
Governor Lee Bok-hyun urged the parties of an ongoing battle for control to refrain from spreading rumours and other unfair practices to interfere with offers from the other side, according to the statement.
Lee also said there were concerns about investor losses as too fierce price competition could undermine shareholder value in the long run.
The regulator’s comments came after Private equity firm MBK Partners and Young Poong on Friday raised their offer price for the second time to match a counteroffer from rival family members and Bain Capital.
Shares of Korea Zinc, the world’s biggest refined zinc producer, have risen 13% so far this month, after a 29% surge last month, and are trading at record-high levels.
(By Jihoon Lee; Editing by Ed Davies)
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