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. nf-kaf/tym