Hyundai Motor Stocks Rise On $228 Million Share Buyback Plan

www.oann.com | 10/2/2018 | Staff
jster97 (Posted by) Level 3
SEOUL (Reuters) – Hyundai Motor Co said on Friday it would buy back 255 billion won ($228.3 million) worth of common and preferred stocks to stabilize its stock prices and boost investor returns, sending shares of the South Korean automaker up 4 percent.

Hyundai Motor stocks have plunged more than 30 percent this year and U.S. hedge fund Elliott earlier this month renewed pressure on the automaker to return its “excess capital” to shareholders.

May - Hyundai - Motor - Group - Family

In May, Hyundai Motor Group, backed by founding family members, shelved an ownership restructuring plan that...
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