[유효상 칼럼] 왜 고려아연에 대한 적대적 M&A를 막아야 할까

ȿ ܰ濵

ڰÿ ƿ 1б 3 8328 , 2711 濵 ߴ. ۳ 1б 61.4% ߰ 46.9% þ ġ. Žð ȮǼ ǰ ִ Ȳ û ̴.

ƿ 迡 ϰ ƿ , ǰȭϴ ̴. ұݼ 12 ϴ ִ. ұݼ ȸ 20~30% . ֱٿ ̱ ߽ ߱ й ۷ι ϸ鼭, ұݼ ϴ ƿ ͼ ִ Ȳ̴.

о ٽɼ Ǵ ƼϿ ݵü ǰ ÷ ȰǴ ε Ǹ ۳ ݳ⿡ 3谡 ߴ. ݰ ͱݼ ۷ι ¼ ¹ Ȯǰ ִ. ι ؿ 2 ̻ , ⵵ 50% ϰ ִ. Ư ֿ Ƽϸ ڷ νϰ ִ ̱ ߴ. ڿ Ⱥ ߿ Ǵ ̴. ݵ ޵ϰ ־, ͵ ȴ.

׷ ̷ ȣ Ժ ұϰ ⻵ . dz ݵ(MBKƮʽ) ۳ 9 ' 豸 '̶ M&A õϸ鼭, 10 ݵ 濵 ￡ ô޸ ֱ ̴. ׻ 濵  ڻ ϸ鼭, M&A Ͼ 3б 1 5100 ݼ ڻ ݳ 1б 5770 1 پ. ݸ Ա 2 3080 4 4810 2 ̻ þ. ̷ ä 44.6% 88.1% ߴ. ȭǴ 濵 ȸ ū ǽ 繫 â ޴ Ȳ ̴.

ᱹ ̷ ڴ , ۷ι ȭǰ ִ Ȳ ݵ忡 ǰ ߸ ־ ° ӵȴٸ 1 öݼ 鸱 ִ.

dz MBK ҽÿ ƿ 濵 ƹ 忡 Ҿָ ƿ ֽ żϿ 50% ̻ ֽ ȮϿ 濵 ȹϷ ߴ. ׷ ż ִ 66 ְ 30% ÷ȴ. ׷ 󺸴 73 , Ǵٽ 83 ̻ ֽ Ȯ ߴ. ƿ MBK 40.97%, ȸ 34.35%. ׷ ʴ 濵 ӵ ȴ. 濵 ߻ ƿ ְ 240 ѱ⵵ 6 80 뿡 ӹ ִ.

Ϲ M&A ׷ 濵 , Ⱦ ŷ ϰ, ó Ҽ پ ̸ 濵 ϰ ִ.

׳ ƿ 濵 ߿ ݳ 1б ִ ϸ鼭, 26° ̾ٴ ̴. ̷ DZ . ̷ ż Ը ڰ ߸ ֱ ̴. M&A ۵DZ , ȸ ۷ι öݼ ûӸ ƴ϶ ׸ , Ŭ ڿȯ, 2 1 ϰڴٴ 'Ʈī ̺' ̷ ϰ, ̸ 2033 17 ϰڴٰ ִ. ׷ ݵ M&A õ ʿ췮 ܱ, 忡 ̴.

濵 ̰ ִ dz 1б 5718 , ս 563 ߴ. 1б 22.9% ٰ, ս 30.3% Ȯƴ. 2023 3° ڸ ϰ ִ. ƿ ޸ ־ 濵 ̰ ִ ̴.

MBK ƿ ż 鼭 Ϻδ ݵ忡 ϰ κ ڱ ǻκ ȴ. 1 5000 Ը ߴµ 9, ݸ 5% ˷ ִ. 6 ѱ ҽƮ(Term-Sheet) ؾ ϰ, ݸ ɼ ũ. ɷ ִ Ҽ ̾ ּ 1~2 Ⱓ ҿDZ ش Ⱓ ڸ ϱ Ǵܵȴ. MBK 濵 ִ Ȩ÷ ȸ · ̹ ſ ȭǸ鼭 κ ˷ ̴. ׷ ̳(Refinancing)̳ ߰ ڿ LP(繫 ) ã ǻ . MBK Ȩ÷ 1 2000 · ȯ δ.

MBK 2015 7 2000 鿩 Ȩ÷ 100% 鿴. Ȩ÷ 2022 ȸ迬 ر 3 1000~2000 ս ߴ. 11 1571 ڸ , Ա 5 4620 , ä 1408% ߴ. ̷ Ȳ Ա ƿ ʿ췮 μϷ ߴٴ û Ȱ. ᱹ MBK ȸ Ű ü ϸ鼭, MBK ߴ οݵ 300 ս ԰ ƴ.

ݵ 濵 Ѿ Ǹ, Ͻ Ư ȸ縦 ٽ Ű ؾ Ѵ. Ű ݾ شȭϱ ؿܷ ѱ ɼ ſ ũ. ̶ Ǵ Ⱥ ߿ ϸ âϴ ְ 츮 ؿܷ ȷ ȴٴ ̴. ڿδ ְ ÷ ƿ ƿ 츶ŸƮ ٽ Ͽ, ؿ ״.

׷ ұϰ ȸ ɼ 󸶵 ִ. ׷ ʾ ̶ ܱ ڿ ѷ Ѵ. ׷ ܱ ڱ M&A Ǵ ڿ Ⱥ ɻϴ ̱ CFIUS(Committee on Foreign Investment in the United States) ؾ Ѵ.

ݵ ϴ ƴϴ. ׷ Ϳ û ؾ Ǵ Ȳ ƾ Ѵ.  Ȳ 츮 ʿ췮 ؿܷ Ѿ Ѵ.

ġ ̻ ߻ ʱ Ѵ.