12/24/2025

South Korean Court Rejects Bid to Block Korea Zinc Share Sale Funding US Smelter

Reuters (12/24/25) Jin, Hyunjoo; Kim, Heejin; Yang, Heekyong

A South Korean court on Wednesday rejected a request by two major shareholders of Korea Zinc (010130) - MBK Partners and YoungPoong (000670) - to block the zinc refiner's plan to issue new shares to help fund a $7.4 billion U.S. smelter. The ruling, which clears the way for the project, sent Korea Zinc shares up as much as 5%, while YoungPoong shares fell as much as 10.5%. Last week, Korea Zinc, the world's biggest refined zinc producer, said it would build a $7.4 billion critical minerals refinery in the state of Tennessee that will be largely funded by the U.S. government and aimed at reducing U.S. reliance on China for materials used in chips, electronics and weapons. Under the plan, Korea Zinc will sell shares worth $1.9 billion to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, which would then control around 10% of the South Korean firm. In a statement, Korea Zinc thanked the court for its decision, adding that it would proceed with its U.S. smelter project and work to enhance corporate and shareholder value. "We will also seek to contribute to the national economy and South Korea’s economic security as a key player in the critical minerals supply chain," it said. Private equity firm MBK Partners and conglomerate YoungPoong, which together hold about 46% of Korea Zinc, said that they were disappointed by the court's decision, reiterating concerns over potential shareholder dilution and the fairness of investment terms. "Despite this outcome, YoungPoong and MBK Partners intend to support the U.S. smelter project so that it may deliver genuine 'win-win' results for the United States, Korea Zinc, and the broader Korean economy," the pair said in a statement. In a regulatory filing, Korea Zinc said the Seoul Central Court determined that the transaction was intended to support a U.S.-led restructuring of the global critical minerals supply chain, deepen cooperation between South Korea and the United States and secure stable global demand. The filing noted that the U.S. government sought to take an equity stake through the joint venture to ensure the project’s success, concluding that direct investment or subsidies alone would not be sufficient. Governance experts say a major beneficiary of the U.S. smelter deal would be Korea Zinc Chairman Yun B. Choi, who since October last year has been locked in a battle for control with MBK and YoungPoong. Issuing shares to a potential ally could tip the balance of power in Choi's favor. Korea Zinc has said the U.S. smelter project aligns Washington’s push to diversify mineral supply chains with the company’s goal of building a growth base by gaining an early foothold in the United States, the world’s largest critical minerals market.

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12/23/2025

Cevian Reshapes Portfolio With Bigger Akzo Bet, New SIG Stake

Bloomberg (12/23/25) Lindeberg, Rafaela

Cevian Capital is doubling its stake in Akzo Nobel NV (AKZA) and taking a new position in Swiss food packaging maker SIG Group AG (SIGN), as it reshapes its portfolio after selling its long-held investment in ABB Ltd. (ABBN). The Cevian Capital II GP fund increased its holding in Akzo to 10.2% from about 5%, according to a filing with the Dutch financial authority AFM. The move makes Cevian the paintmaker’s biggest shareholder as it presses ahead with a sweeping turnaround aimed at cutting costs and restoring competitiveness. It also signals a show of confidence by the investment firm after Akzo announced a deal last month to acquire smaller rival Axalta Coating Systems (AXTA). Separately, SIG Group disclosed Tuesday that Cevian had acquired a 3.1% stake on Dec. 17. Shares in the Swiss food-packaging company rose as much as 7.2% following the disclosure, the biggest intraday gain in more than a month. The stock is still down about 38% this year after a profit warning and a pause in dividend payments. A representative for Cevian declined to comment further on Akzo, but said the firm sees “long-term value potential in SIG.” Cevian is known for taking large, concentrated stakes in European companies where it seeks to drive strategic and operational change. Its holdings have spanned sectors from industrials and consumer goods to financial services. The latest disclosures highlight a portfolio reset at Cevian following its exit from ABB, the Swedish-Swiss automation group where the fund spent a decade pushing through restructurings and spinoffs. Cevian is currently building positions in four listed European companies and may pursue additional exits in the near term to keep its number of core holdings at about a dozen as it flags new ownership stakes, founder Christer Gardell said in an interview with Swedish news agency TT on Tuesday.

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12/23/2025

Cintas makes $5.2B Offer to Acquire Rival UniFirst for Second Time This Year

Boston Business Journal (12/23/25) Aloe, Jess; Watkins, Steve

Ohio corporate uniform provider Cintas (CTAS) is offering $275 per share in cash to acquire the Wilmington-based corporate uniform company UniFirst (UNF). It submitted the proposal to UniFirst’s board Dec. 12 and Cintas made the offer public Dec. 22. The offering price represents a 64% premium to the average trading price for UniFirst’s stock over the 90 days through Dec. 11. The offer is the same amount Cintas proposed on Nov. 8, 2024, when it previously offered to acquire UniFirst for $275 per share. Cintas's renewed push to acquire its rival comes after an investor, Engine Capital, pushed to get its own directors elected to the board at this month's annual meeting. In addition to Engine's Arnaud Ajdler, that included Michael Croatti, the grandson of founder Ardo Croatti and the son of former CEO Ronald Croatti. At the heart of Engine's activist push was the rejection of Cintas's earlier offer. Ajdler argued that there was no way for UniFirst to gain the market value the Cintas sale represented. Engine's bid failed to get its directors elected. But Engine chalked that up to the company's ownership structure. "If all holders had one vote per share, rather than the 10 votes per share enjoyed by holders of the Company’s Class B common stock, both Engine nominees would have received more votes than the Company’s nominees and would have been elected. In other words, a majority of UniFirst’s economic owners supported both Engine nominees," Engine wrote in a regulatory filing. "The Company’s nominees failed to win support from a majority of shares, but were elected anyway, because the Croatti trustees control 71.0% of the Company’s voting rights with just 19.6% of the economic ownership."

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12/21/2025

Permira, Warburg to Buy Clearwater Analytics for $8.4 Billion

Reuters (12/21/25) Vinn, Milana

A group of private equity firms led by Permira and Warburg Pincus has clinched a deal to acquire investment and accounting software maker Clearwater Analytics Holdings (CWAN) for about $8.4 billion, including debt, the parties said in a joint statement on Sunday. Starboard Value earlier in December took a nearly 5% stake in Clearwater, betting that it was undervalued amid investor concerns over its integration of recent acquisitions. Permira and Warburg Pincus have agreed to take Clearwater private for $24.55 per share in cash. The deal price offers a premium of 47% on Clearwater's share price of $16.69 on November 10, before news reports of a potential sale. The deal, which was announced on Sunday, includes the participation of several minority investors, including Francisco Partners and Temasek. "Both firms understand our business and the technology industry and have proven track records fostering growth for some of the largest and fastest-growing technology businesses globally," Clearwater CEO Sandeep Sahai said. The deal provides for a "go-shop" period ending January 23, 2026, during which Clearwater may solicit and evaluate alternative acquisition proposals, with a possible 10-day extension for certain bidders. The transaction is expected to be completed in the first half of 2026, after which the investment and accounting software maker will become a privately held company. The company operates a single, multi-tenant cloud platform that aggregates portfolio data and performs complex accounting and analytics in one place. That structure allows for integration of AI-driven tools to generate more precise, on-demand insights into their portfolios, improving reporting and client service. While some investors may view advances in AI as a potential threat to the business, a source familiar with the deal said the opportunity to deepen Clearwater's AI capabilities and expand the value of its platform was a key reason the take-private transaction was attractive. A source familiar with the matter told Reuters last month that Permira and Warburg Pincus had submitted a joint offer to purchase Clearwater, roughly four years after they helped the software maker get listed on the stock market.

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