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Hyundai Motor shares hit 11-month-high on wage deal
September 6, 2013 / 1:10 AM / 4 years ago

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

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.

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

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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