Hyundai Motor shares hit 11-month-high on wage deal

SEOUL Thu Sep 5, 2013 9:07pm EDT

Models pose next to the New Avante car made by Hyundai Motor in central Seoul August 13, 2013. REUTERS/Lee Jae-Won

Models pose next to the New Avante car made by Hyundai Motor in central Seoul August 13, 2013.

Credit: Reuters/Lee Jae-Won

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SEOUL (Reuters) - Shares of Hyundai Motor (005380.KS) rose to their highest levels in over 11 months on Friday, after the automaker reached a tentative wage deal with its South Korean labor union to avert further production losses.

The union's members plan to vote on the deal on Monday, after staging a series of partial strikes since August 20 that held up production of 50,000 vehicles worth 1 trillion Korean won.

Hyundai shares were up 2.5 percent at 250,000 Korean won ($230) each as of 0048 GMT, their highest level since early October last year.

($1 = 1098.3750 Korean won)

(Reporting by Hyunjoo Jin; Editing by Eric Meijer)

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