Hyundai, Kia announce buyback plan for angry Korean investors
 

<p>Filed under: <a href="http://www.autoblog.com/hyundai/" rel="tag">Hyundai</a>, <a href="http://www.autoblog.com/kia/" rel="tag">Kia</a>, <a href="http://www.autoblog.com/category/south-korea/" rel="tag">South Korea</a></p><a href="http://www.reuters.com/article/2014/11/11/us-hyundai-motor-equity-idUSKCN0IV06L20141111"><i mg alt="Policemen walk past a logo of Hyundai mo" data-caption="SEOUL, REPUBLIC OF KOREA: Policemen walk past a logo of Hyundai motor displayed in front of its headquarters in Seoul, 19 April 2006. South Korea's top auto company, Hyundai motor, issued a public apology 19 April and offered to donate one billion dollars to charity to make amends for a widening corruption scandal. AFP PHOTO/JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP/Getty Images)" data-credit="Jung Yeon-Je / AFP / Getty Images" data-mep="555736" src="http://o.aolcdn.com/dims-shared/dims3/GLOB/crop/2656x1762+0+0/resize/628x417!/format/jpg/quality/85/http://hss-prod.hss.aol.com/hss/storage/midas/1373d2dc61d3e45861496b1b7 45b8388/201073782/57365838.jpg" /></a><br />
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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.<br />
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Now, in a bid to get back in the good graces of its stockholders, <a href="http://www.autoblog.com/hyundai/">Hyundai</a> and its subsidiary, <a href="http://www.autoblog.com/kia/">Kia</a>, will make a $615-million stock buyback plan. <a href="http://www.reuters.com/article/2014/11/11/us-hyundai-motor-equity-idUSKCN0IV06L20141111"><e m>Reuters</em> claims this is the first time in ten years that Hyundai has made a buyback offer</a> with the explicit purpose of pumping up share prices.<br />
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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.<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2014/11/12/hyundai-kia-buyback-plan-korean-investors-report/">Hyundai, Kia announce buyback plan for angry Korean investors</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Wed, 12 Nov 2014 11:30:00 EST. Please see our <a href="/rss-term-of-use/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href="http://www.autoblog.com/2014/11/12/hyundai-kia-buyback-plan-korean-investors-report/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/20992145/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2014/11/12/hyundai-kia-buyback-plan-korean-investors-report/#comments" title="View reader comments on this entry">Comments</a>

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