Magna Announces Final Results of Substantial Issuer Bid
26/09/2007 01:39
PR Newswire
AURORA, Canada, September 26 /PRNewswire/ -- Magna International Inc. (TSX: MG.A; NYSE: MGA) today announced the final
results of its offer to purchase up to U.S.$1,536,600,000 in value of its
Class A Subordinate Voting Shares, which expired at 5:00 p.m. (Toronto time)
on September 20, 2007. Magna confirmed that it has purchased for cancellation
11,908,944 Class A Subordinate Voting Shares, representing 9.2% of its
currently issued and outstanding Class A Subordinate Voting Shares, at
U.S.$91.50 per share for an aggregate purchase price of approximately
U.S.$1.1 billion.
Payment for these shares was made today. The purchase was funded from
the proceeds of the treasury issuance of 20,000,000 Class A Subordinate
Voting Shares pursuant to the plan of arrangement involving Russian Machines,
which was completed on September 20, 2007. Any Class A Subordinate Voting
Shares which were not validly deposited will be returned as promptly as
possible.
We are the most diversified automotive supplier in the world. We design,
develop and manufacture automotive systems, assemblies, modules and
components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers of cars and light trucks in
North America, Europe, Asia, South America and Africa. Our capabilities
include the design, engineering, testing and manufacture of automotive
interior systems; seating systems; closure systems; metal body and chassis
systems; vision systems; electronic systems; exterior systems; powertrain
systems; roof systems; as well as complete vehicle engineering and assembly.
We have approximately 83,000 employees in 229 manufacturing operations
and 62 product development and engineering centres in 23 countries.
CO: Magna International Inc. ST: Ontario IN: AUT SU: OFR
For further information: Vincent J. Galifi, Executive Vice-President and Chief Financial Officer of Magna, at +1-905-726-7100/ (MG.A. MG.B. MGA)