Key engineers of Korea Zinc threaten to resign if takeover bid succeeds

(Korea JoongAng Daily, Sept. 24)

The chief technical officer (CTO) and key engineers of Korea Zinc, the world’s largest refined zinc supplier, declared that they will resign if the 2 trillion won ($1.5 billion) tender offer launched by private equity firm MBK Partners and Young Poong succeeds, standing in support of the company’s current management and Chairman Choi Yun-beom.

The comment was made on Tuesday during a press conference, as the two-way mudslinging by Korean Zinc and its largest shareholder, Young Poong, continues to escalate amid a power struggle between two founding families of the zinc supplier.

“I stand here today to protect Korea Zinc, the country’s pride that we have built with our blood and sweat over the past 50 years, and to expose the injustice of MBK Partners’ hostile takeover attempt,” said Korea Zinc CTO and Vice Chairman Lee Je-joong during the conference held at the company’s headquarters in central Seoul, where he was joined by 20 senior engineers of the firm.

Lee, who has been with Korea Zinc since 1985, is the first senior executive to publicly address the ongoing conflict in a press conference.

 

※ Full Article: Key engineers of Korea Zinc threaten to resign if takeover bid succeeds (Korea JoongAng Daily, Sept. 24)

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