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Market Chatter: Kakao, Labor Union Fail to Reach Agreement on Compensation; Union to Go on Strike in June

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South Korean internet conglomerate Kakao (KRX:035720) and its labor union failed to reach an agreement after a second round of government-mediated negotiations, Reuters reported Thursday.

The union ​is expected to go on strike in June as previously planned, a union representative told Reuters, following the failed discussions.

The union has yet to confirm how many members across Kakao and four affiliates will join the strike, though around 700 members attended a rally on May 20. Kakao said that it would keep trying to reach common ground with its union, according to the news report.

Shares of Kakao fell 1% at market close.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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