The chief of South Korea’s Financial Supervisory Service has ordered a probe into tender offers for Korea Zinc shares to monitor for any unfair trade practices. Governor Lee Bok-hyun urged the parties involved in the ongoing battle for control to refrain from spreading rumors and other unfair practices.
Seoul – 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.Indonesian state-controlled miner Antam has acquired a 30% stake worth $102 million in a smelter owned by a subsidiary of Chinese stainless steel giant Tsingshan.Beijing offered little to investors who had been expecting aggressive stimulus measures to add to a battery of policy moves unleashed in late September.
Finance Korea Zinc Share Battle Tender Offers Unfair Practices
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