Korea Zinc ownership battle intensifies 공개매수로 치열해진 고려아연 소유권 분쟁

[김우정]

영풍과 MBK의 주시공개매수로 촉발된 고려아연 경영권분쟁이 더욱 심해지고 있습니다.
공개매수가격이 당초 66만원에서 75만원으로, 75만원에서 83만원으로 인상되었습니다.
75년간 사이좋게 경영해오던 영풍과 고려아연이 경영권은 치킨게임이 되고있습니다.
어느 회사가 이겨도 승자의 저주가 될 수 있다는 우려가 커지는 것은 아닐까요?
 
Korea Zinc ownership battle intensifies with competing tender offers
공개매수로 치열해진 고려아연 소유권 분쟁

By Jun Ji-hye 전지혜 기자
Posted : 2024-10-04 18:06 Updated : 2024-10-04 23:45
Korea Times

Kim Kwang-il, center, a partner at MBK Partners, speaks during a press conference at Lotte Hotel Seoul, Sept. 19. Yonhap 9월 19일 롯데호텔 서울에서 열린 기자회견에서 MBK 파트너스의 김광일대표(중앙)가 연설하고 있다. 연합

Singaporean research firm warns of various legal risks surrounding Chairman Choi Yoon-beom's stock repurchase
싱가포르 리서치 회사, 최윤범 회장의 주식환매를 둘러싼 다양한 법적 위험 경고

A battle for the management rights of Korea Zinc has reached its peak, as an alliance between private equity firm MBK Partners and Young Poong raised the tender offer price to 830,000 won ($620), Friday, to gain a controlling stake in the world’s largest zinc smelter.
사모펀드인 MBK파트너스와 영풍이 금요일 세계 최대 아연 제련소의 지배 지분을 확보하기 위해 공개매수 가격을 83만원(620달러)으로 인상하면서 고려아연의 경영권 경쟁이 최고조에 달했다.

This matches a counteroffer launched by Korea Zinc, led by Chairman Choi Yoon-beom, last Wednesday.
이는 지난 수요일 최윤범 회장이 이끄는 고려아연이 출범시킨 대항마와 일치한다.

As the battle for management control escalates into a bidding war, concerns have emerged in the market that whichever side prevails may face a winner’s curse that could jeopardize their financial stability.
경영권 다툼이 입찰 전쟁으로 번지면서 시장에서는 어느 쪽이 우세하든 재무 안정성을 위태롭게 할 수 있는 승자의 저주에 직면할 수 있다는 우려가 나오고 있다.

Early last month, the smelter’s stock price was hovering around the 500,000 won range. However, the fierce battle has driven the firm’s shares to a record high, surging 8.84 percent to 776,000 won.
지난달 초, 이 제련소의 주가는 50만 원대를 맴돌고 있었다. 그러나 치열한 경쟁으로 인해 이 제련소의 주가는 8.84% 급등한 77만 6,000원으로 사상 최고치를 기록했다.

MBK, which partnered with Young Poong, currently the largest shareholder of Korea Zinc, is engaged in a corporate governance dispute with the company's management centered on differing perspectives regarding strategic direction and financial performance. The alliance announced a decision to increase its offer price for the smelter on the last trading day before its original tender offer, launched on Sept. 13, was set to expire.
현재 고려아연의 최대 주주인 영풍과 파트너십을 맺은 MBK는 전략적 방향과 재무 성과에 대해 회사 경영진과 다양한 관점을 중심으로 기업 지배구조 분쟁을 벌이고 있다. 이 연합은 9월 13일에 시작된 원래 공개매수가 만료될 예정이기 전 마지막 거래일에 제련소에 대한 제안 가격을 인상하기로 결정했다고 발표했다.

The private equity firm had raised its original tender offer price to 750,000 won from 660,000 won on Sept. 26.
이 사모펀드는 9월 26일 원래 공개매수 가격을 66만 원에서 75만 원으로 인상했다.

With the offer price raised once again, MBK’s tender offer has been extended until Oct. 14, with the required funds increasing from approximately 2.27 trillion won to 2.5 trillion won.
공모가가 다시 한 번 인상됨에 따라 MBK의 공개매수는 10월 14일까지 연장되었으며, 필요 자금은 약 2조 2,700억 원에서 2조 5,000억 원으로 증가했다.

“I believe it will take a bit more time for the market to fully understand that Choi’s tender offer to buy back treasury shares carries significant legal risks, such as breach of trust, and that it could cause financial harm to the company and remaining shareholders. Therefore, we changed the conditions (for our tender offer),” said Kim Kwang-il, an MBK partner overseeing the Korea Zinc deal.
"최 회장의 자사주 매입 공개매수가 배임 등 중대한 법적 위험을 수반하고 회사와 나머지 주주들에게 재정적 피해를 줄 수 있다는 점을 시장이 충분히 이해하기까지는 시간이 좀 더 걸릴 것으로 생각한다. 따라서 (공개매수조건을) 변경했다."라고 고려아연 거래를 총괄하는 MBK 파트너인 김광일 대표는 말했다.

“Whether it’s one share or three million shares, we will buy them all to ensure that Korea Zinc’s corporate governance is properly established and to restore the seriously damaged corporate value and shareholder value.”
"1주든 300만주든, 고려아연의 기업 지배구조가 제대로 확립되고 심각하게 훼손된 기업가치와 주주가치를 회복하기 위해 전량 매입할 것이다."

Currently, Choi and his allies hold approximately 34 percent of all the shares, while MBK and Young Poong own 33.1 percent.
현재 최 회장과 그의 측근들은 전체 주식의 약 34%를 보유하고 있으며, MBK와 영풍은 33.1%를 보유하고 있다.

Through the tender offer, MBK is seeking to acquire up to 14.6 percent of the zinc smelting firm’s shares to become its largest shareholder and oust Choi.
이번 공개매수를 통해 MBK는 회사지분의 최대 14.6%를 인수해 최대 주주가 되어 최 회장을 축출하는 방안을 모색하고 있다.

Korea Zinc Chairman Choi Yoon-beom, center, speaks during a press conference at the Grand Hyatt Seoul, Wednesday. Yonhap 최윤범 고려아연 회장(가운데)이 수요일 그랜드하얏트 서울에서 열린 기자회견에서 연설하고 있다. 연합

In response, Choi joined hands with Bain Capital, a U.S.-based private equity firm, and launched the counteroffer last Wednesday to buy back up to 18 percent of its treasury shares at 830,000 won per stock until Oct. 23.
이에 따라 최 회장은 미국계 사모펀드인 베인 캐피털과 손잡고 지난 수요일 10월 23일까지 자사주의 최대 18%를 주당 83만 원에 매입하는 반대 제안을 시작했다.

Choi was able to launch the counteroffer as a Seoul court, earlier that day, dismissed MBK’s injunction request to prevent the smelter and its affiliates from buying back their treasury shares.
최씨는 이날 오전 서울 법원이 제련소와 계열사의 자사주 매입을 막기 위한 MBK의 금지명령 신청을 기각하면서 이 반소를 제기할 수 있었다.

In response, the MBK-Young Poong coalition filed an additional injunction request later that day to halt the smelting firm’s treasury stock acquisition process, arguing that its buyback of treasury shares could lead to a breach of trust. They claimed that purchasing treasury shares at an abnormally high price above the market rate would be detrimental to the company.
이에 MBK-영풍 연합은 이날 오후 자사주 매입이 배임으로 이어질 수 있다며 제련회사의 자사주 취득 절차를 중단해 달라는 가처분 신청을 추가로 제기했다. 이들은 시장 금리보다 비정상적으로 높은 가격으로 자사주를 매입하는 것은 회사에 해롭다고 주장했다.

Korea Zinc said in a regulatory filing that it will allocate 1.5 trillion won of its own funds and borrow an additional 1.16 trillion won for the counteroffer.
고려아연은 규제 당국에 제출한 서류에서 자체 자금 1조 5,000억 원을 배정하고 1조 1,600억 원을 추가로 차입해 발행할 예정이라고 밝혔다.

MBK contends that the 1.5 trillion won is primarily borrowed funds rather than the smelter's own capital, criticizing the company for "misrepresenting the reality."
MBK는 1조 5,000억 원은 제련소의 자체 자본이 아닌 차입자금이라고 주장하며 "현실을 잘못 표현했다"고 비판한다.

Smartkarma, a Singapore-based investment research firm, highlighted the uncertainties surrounding Choi’s share repurchase, noting that various legal issues could arise, including claims of market manipulation.
싱가포르에 본사를 둔 투자 리서치 회사인 스마트카르마는 최 회장의 자사주 매입을 둘러싼 불확실성을 강조하며 시장조작 주장을 포함한 다양한 법적 문제가 발생할 수 있다고 지적했다.

The research firm said Choi’s buyback could “look like a blatant move to mess with MBK’s offer, which means we could be looking at not just market manipulation accusations but also breach of fiduciary duty.”
리서치 회사는 최 회장의 자사주 매입이 "MBK의 제안을 엉망으로 만들려는 노골적인 움직임처럼 보일 수 있으며, 이는 시장 조작 혐의뿐만 아니라 신탁의무 위반도 검토할 수 있음을 의미한다."고 말했다.

“Basically, if Korea Zinc buys back shares at a price above MBK’s offer, especially knowing the stock could tank post-MBK tender, it could turn into a serious mismanagement issue. This could spark a fresh legal fight, regardless of today’s (Wednesday) court ruling," it added.
"기본적으로 고려아연이 MBK의 제안보다 높은 가격으로 주식을 매입할 경우, 특히 MBK 이후 주가가 폭락할 수 있다는 사실을 알게 되면 심각한 잘못된 관리 문제로 이어질 수 있습니다. 이는 오늘(수요일) 법원 판결과 관계없이 새로운 법적 싸움을 촉발할 수 있다,"라고 덧붙였다.

#Ownership소유권 #Tenderoffer공개매수 #Battle전쟁 #Managementrights경영권 #Alliance연합 #Counteroffer반대제안 #Shareholder주주 #Corporategovernance기업지배구조 #Legalrisks법적위험 #Stockprice주가