Korea Zinc Buyback Delivers Stock But No Clear Winner (2)

A buyback of Korea Zinc Co. shares orchestrated by Chairman Choi Yun-beom in an effort to defend the world’s biggest producer of the refined metal from a takeover bid has brought in a total of more than 11% of the company’s stock, but failed to resolve a bitter battle for control.

The vast majority of the paper, held as treasury stock and likely to be canceled, does not come with voting rights. Bain Capital, which has backed Choi, secured 1.4%.

Choi, scion of one of two founding families, has for months been fending off an approach from Young Poong ...