Honda Shares Soar 16% After Buyback Announcement

Honda shares soared more than 16 percent on Tuesday after the Japanese auto giant announced a buyback of up to 1.1 trillion yen ($7 billion) the previous day.

The buyback announcement came as Honda and its struggling rival Nissan agreed on Monday to launch talks on a merger seen as a bid to catch up with Chinese companies and Tesla on electric vehicles.

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