The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Sept. 18.

MBK Partners Chairman Michael ByungJu Kim (left) and Korea Zinc Chairman Choi Yun Beom. / Courtesy of MBK, Korea Zinc

MBK denies hostile takeover claims as power struggle over Korea Zinc intensifies

MBK Partners, a private equity firm based in Seoul, and Young Poong launched a 2 trillion won ($1.5 billion) tender offer to acquire a 7% to 14.6% stake in Korea Zinc, the country’s leading non-ferrous metal producer. The tender offer has sparked controversy in Korea, with politicians criticizing MBK Partners’ involvement, citing that the smelter is at risk of falling into the hands of “Chinese-backed capital.” MBK Partners has denied claims that the bid is a “hostile takeover,” stating that the goal is to strengthen management control of the largest shareholder.”

The southeastern port city of Ulsan, home to numerous factories run by Korea’s leading manufacturers, has openly opposed the tender offer. “Korea Zinc is a local company that has been with Ulsan for the past 50 years. We cannot let the company fall into the hands of Chinese capital through a hostile takeover,” Ulsan Mayor Kim Doo-gyum said. The city announced plans to launch a share buyback campaign, urging its 1.2 million citizens to “save Korea Zinc” from MBK’s hostile takeover.

North Korea fired several short-range ballistic missiles on Sept. 18, 2024. / Yonhap

North Korea fires multiple short-range ballistic missiles

North Korea fired several short-range ballistic missiles on Sept. 18, according to South Korea’s Joint Chiefs of Staff. The military announced it detected the launch of these missiles around 6:50 a.m. in a northeast direction from the Gaecheon area in North Pyongan Province. The North’s latest provocation comes six days after its previous missile launch. North Korea earlier revealed a facility for producing highly enriched uranium, a material used to manufacture nuclear warheads, on Sept. 13. In addition to missile launches, North Korea has also sent hundreds of trash-filled balloons across the border multiple times this month, including on Sept. 4-8, 11, and 14-15.

“I, the Executioner” drew over 4 million moviegoers to the cinema in six days. / Yonhap

‘I, the Executioner’ tops box office with 4 million moviegoers

The action thriller “I, the Executioner” topped South Korea’s cinema box office, drawing over 4 million moviegoers in six days after its first release on Sept. 13. The film’s box office success was boosted by the long Chuseok holiday - a five-day holiday running from Saturday through Wednesday this year - drawing more audiences within a shorter period compared to other recent hits such as “Exhuma” (9 days), “The Roundup” (7 days), and “12.12: The Day” (12 days). “I, the Executioner” is the long-awaited sequel to director Ryoo Seung-wan’s 2015 blockbuster hit “Veteran.” The sequel follows veteran detective Seo Do-cheol, played by lead actor Hwang Jung-min, who teams up with rookie detective Park Sun-woo (Jung Hae-in) to hunt down a serial killer.

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