- Private equity firm MBK Partners on Thursday defended a tender offer for Korea Zinc Inc., saying that it is not a hostile takeover bid for the world's largest zinc smelter. "We are making a tender offer to boost our stake as the largest shareholder, not to engage in a hostile takeover or merger," MBK Partners Vice Chairman Kim Kwang-il told reporters. "This tender offer is part of a management buyout agreed upon with the current majority shareholder," he added. Last week, MBK Partners announced plans to acquire a maximum 14.6 percent stake in Korea Zinc through a 2 trillion-won (US$1.5 billion) tender offer. The firm reached an agreement with Young Poong Corp., Korea Zinc's largest shareholder, which currently holds a 33 percent stake. Korea Zinc itself holds 2.4 percent, while its owner family has 15.5 percent. Korea Zinc has strongly opposed MBK Partners' share purchase, calling it a hostile takeover bid. Kim said Young Poong has agreed to transfer its position as the largest shareholder to MBK Par tners, prompting the tender offer to increase the equity firm's stake. Korea Zinc and Young Poong Corp. have a long-standing partnership, dating back to when the former was co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. Over the years, the Choi family has managed Korea Zinc, while the Chang family oversees Young Poong Group and its affiliates. However, a management dispute has strained the relationship between the two companies since 2022. Source: Yonhap News Agency