Hanwha

 

[Alpha Biz= Reporter Kim Sangjin] According to investment banking sources on the 9th, Korea Zinc is likely not to participate in Hanwha's public tender offer to acquire shares at 30,000 won per share by the deadline of the 24th of this month. An industry insider mentioned, "Korea Zinc is not currently discussing participating in the public tender offer," and clarified, "Hanwha did not initiate the public tender offer with Korea Zinc in mind."

Korea Zinc secured its stake by exchanging its own shares with Hanwha in November 2022, amounting to 156.8 billion won. Currently, Korea Zinc holds 7.25% of Hanwha's shares, while Hanwha owns a stake in Korea Zinc in the low 1% range. As of the end of last year, Korea Zinc was the fourth-largest shareholder of Hanwha, following Kim Seung-yeon (22.65%), Hanwha Energy (9.70%), and the National Pension Service (7.40%).

At the time of the share exchange, considering the share prices of both companies, it is estimated that Korea Zinc's purchase price for Hanwha shares was over 28,000 won per share. The fact that Korea Zinc's average purchase price does not significantly differ from the current public tender offer price is seen as a factor reducing the urgency for subscription.

During the share exchange, Hanwha also emphasized expanding environmentally friendly energy such as hydrogen and wind power, as well as overseas resource development projects. Consequently, Hanwha Construction agreed to participate in Korea Zinc's domestic ammonia storage facilities and ammonia cracking (hydrogen conversion) facilities. Korea Zinc also indicated its involvement in Hanwha's planned blue ammonia investment project in the United States, demonstrating visible cooperation between the two companies.

Recently, amid deepening disputes over management rights between Korea Zinc and Youngpoong (000670), Hanwha's stake has been perceived as increasingly crucial for Korea Zinc. Currently, Korea Zinc's largest shareholder is the Jang family, including Jang Hyung-jin, a consultant at Youngpoong, who holds over 33%. In contrast, Chairman Choi Yoon-beom of Korea Zinc and his closely related parties hold just under 16% of the shares, which is significantly lower.

Instead, Korea Zinc has secured stakes in other companies within the industry, including Hanwha and Hyundai Motor. Including these shares, the Choi family's stake exceeds 30%. An industry source commented, "Considering that Korea Zinc cannot afford to give up favorable stakes held by Hanwha, it is highly likely that they will not respond to the public tender offer."

 

 

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