Hyundai, Kia announce buyback plan for angry Korean investorsWed, 12 Nov 2014 11:30:00 EST
Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.
By Brandon Turkus
See also: 2015 Hyundai Azera appears refreshed in Miami, Hyundai brings 1,000-hp Genesis Coupe to SEMA, and plenty more [w/video], Kia K900 with 650 hp debuts at SEMA.