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Hyundai Heavy places small stake in Hyundai Motor-sources

HONG KONG, June 25 (Reuters) - Hyundai Heavy Industries Co has sold a 1.5 percent stake in South Korea's top auto maker Hyundai Motor Co for US$112.84 million, market sources said on Friday. Hyundai Heavy Industries, the world's largest shipbuilder, placed 3.2 million existing shares in the car maker with investors for 40,750 won (US$35.40) apiece, the sources said.

The placing price is a 1.8 percent discount to Hyundai Motor's closing price of 41,500 won on Thursday. Credit Suisse First Boston was the sole bookrunner for the share placement.

Hyundai Motor's unionised workers said on Thursday they had rejected offers of a performance bonus and wage increase and would go ahead with strikes as planned.

The workers have said they plan to launch partial strikes starting on Friday and a full one-day walkout on Tuesday.

Hyundai Motor shares edged down 0.7 percent to 41,200 won in early Friday trade.

(US$1=1,152 won)