Katter calls for action on potential Korea Zinc takeover

KAP Federal Member for Kennedy Bob Katter is calling on Prime Minister Anthony Albanese to intervene over the 'hostile' takeover bid for Sun Metals refinery owner Korea Zinc by a private equity fund. Mr Katter (pictured at centre above) has submitted a question in writing to the PM expressing serious concerns about a $1.5 billion tender offer for Korea Zinc shares by private equity firm MBK Partners and South Korea’s Young Poong. He said such a takeover would spell disaster for North Queensland, with the potential loss of about 1000 direct and indirect jobs and the demise of a company essential to Australia’s minerals growth and development. “Will you immediately intervene and ensure that all action (will be) undertaken, including high-level diplomacy, by the Australian Government to prevent the proposed hostile takeover of Korea Zinc and protect Australian jobs and industry?” his question to the PM states. Related: Dick wants close scrutiny for Korea Zinc deal Management at Korea Zinc and its Australian subsidiaries – Ark Energy, Sun Metals Corporation, Townsville Logistics and Townsville Marine Logistics – are opposing the bid. They have voiced concerns about Young Poong’s record in safety and environmental management as well as fears a change in management led by MBK would lead to divestment in the company’s renewables project pipeline. Meanwhile, the Yonhap news agency reports that a South Korean court has struck down a request by Young Poong to block Korea Zinc from buying out its own shares to counter the tender offer. Mr Katter said Korea Zinc had been a positive player in the North for more than 20 years. "They have been extremely good corporate citizens, having built a strong relationship with their workforce and reinvested back into the community and industry. They have a long-term plan to stay here – Australia, particularly the North, is their future," he said. “Now, a bunch of slithering shareholder sharks that wouldn't know the difference between zinc and Kryptonite want to play Monopoly games – they will conquer and divide with disastrous outcomes. “Apart from high-level government intervention and diplomacy, the only safeguard we have in Australia is a review by the Foreign Investment Review Board (FIRB) and these guys appear to rubber stamp whatever’s put in front of them. “They have oversighted the sale of some of Australia’s most critical assets and locations, without the slightest scintilla of patriotism or Australianism." Mr Katter said his question in writing followed an update provided yesterday by Ark Energy chief executive officer and Sun Metals chief financial officer Michael Choi, who said the noise being made in Australia’s media was having a serious impact on the ground in Korea. “KAP has taken our concerns to the highest level of government. High-level government intervention and diplomacy must be used to stop this takeover and keep Australian jobs and industry,” Mr Katter said. You may also like: https://industryqld.com.au/premier-backs-katter-on-mount-isa-mining-future/

Katter calls for action on potential Korea Zinc takeover

Industry Queensland

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