Korea Zinc shares hit record highs ahead of tender offer outcome
Adds analyst comment, context in paragraphs 3-5
SEOUL, Oct 25 (Reuters) -Shares of Korea Zinc 010130.KS hit on Friday a fresh all-time high after rising by as much as 29%, extending gains on the bet the company faces a lengthy takeover battle for a controlling stake in the world's biggest zinc smelter.
Korea Zinc's top shareholder Young Poong and private equity fund MBK Partners plan to call for an extraordinary shareholder meeting this year to seek approval to appoint board nominees, a top executive at the fund told Reuters, escalating the takeover battle.
Young Poong and MBK hold a stake of about 38.5% in the company.
Korea Zinc, which reportedly has about a 34% stake supportive of the current management, has not yet disclosed the outcome of its 3.2 trillion won ($2.4 billion) tender offer to buy its own shares, which expired on Wednesday.
On Thursday, when Korea Zinc shares surged 29.9% to the daily upper limit, retail investors purchased shares worth 3.6 billion won. Institutional investors, foreign buyers and "other corporations", which supposedly include the company itself, sold, according to analysts.
"For now, there are so many factors affecting stock prices, from retail buying to buy-backs. We should be able to make initial assessment after Korea Zinc's tender offer result," said Kim Yoon-sang, an analyst at iM Securities.
Trading on Friday was volatile. KoreaZinc shares were up 10.2% as of 0245 GMT, after rising as much as 29% earlier in the session to reach a high of 1,470,000 won.
Reporting by Jihoon Lee
Editing by Ed Davies
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
