Hyundai Motor to repurchase 2.21 mln shares of stock

SEOUL, Dec. 28 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said
Monday it will repurchase about 2.21 million shares of its stock to give them to
workers as part of a wage deal.
Last week, the 45,000-member union of Hyundai Motor approved a wage agreement for
this year, making 2009 Hyundai's first strike-free year in 15 years.
Under the deal, basic pay was frozen in return for hefty bonuses, including an
incentive payout of 5 million won (US$4,300), a bonus equivalent to three months'
basic pay and 40 shares of Hyundai Motor.
Shares of Hyundai Motor retreated 0.8 percent to 120,000 won on the Seoul bourse
after touching all-time highs last week.
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