Samsung Reaches 11th-Hour Deal With Union to Avoid Strike (3)

In a last-minute reversal, Samsung Electronics Co. reached a tentative deal with its labor union, averting a potentially crippling strike that had been scheduled to start Thursday at the world’s largest memory chipmaker.

The South Korean company said in a statement late Wednesday that “labor and management have reached a tentative agreement on wages and the collective bargaining agreement.” The company’s union also confirmed suspension of plans for a strike that had been planned for May 21 to June 7. Samsung’s stock rose as much as 7.6% in Seoul, while the benchmark Kospi gained more than 6%.

The truce averts ...