Shareholders in Korea Zinc elected board members nominated by current management at a special stakeholder meeting on Thursday, escalating a bitter four-month takeover battle for the world's biggest refined zinc producer.

An eventful shareholder meeting provided the latest twist in the dispute between the families whose deceased patriarchs founded the company 50 years ago.

Korea Zinc Co. adopted a cumulative voting system that could shift the power dynamics in director elections as the company faces an escalating management battle with its biggest shareholder, Young Poong Corp.

Korea Zinc held a special shareholders' meeting on Thursday to elect new board members, opening another chapter in a bitter four-month takeover battle for the world's top refined zinc producer.