AURORA, ON, Dec. 6, 2017
/CNW/ - Magna International Inc. (TSX: MG; NYSE: MGA) today
announced the completion of the first of two share repurchase
programs (the "Program"). The Program was commenced pursuant to an
issuer bid exemption order issued to Magna by the Ontario
Securities Commission on November 21,
2017.
Magna repurchased a total of 1,472,000 Common Shares under the
Program directly from a third party, for an aggregate purchase
price of $101.2 million. All Common
Shares acquired under the Program were cancelled. The Program
formed part of Magna's normal course issuer bid announced on
November 13, 2017.
INVESTOR CONTACT:
Louis Tonelli, Vice-President,
Investor Relations
louis.tonelli@magna.com | 905.726.7035
MEDIA CONTACT:
Tracy Fuerst, Director of Corporate
Communications & PR
tracy.fuerst@magna.com | 248.631.5396
OUR BUSINESS (1)
We are a leading global
automotive supplier with 328 manufacturing operations and 99
product development, engineering and sales centres in 29 countries.
We have over 163,000 employees focused on delivering superior value
to our customers through innovative products and processes, and
world class manufacturing. We have complete vehicle engineering and
contract manufacturing expertise, as well as product capabilities
which include body, chassis, exterior, seating, powertrain, active
driver assistance, vision, closure and roof systems and have
electronic and software capabilities across many of these areas.
Our common shares trade on the Toronto Stock Exchange (MG) and the
New York Stock Exchange (MGA). For further information about Magna,
visit our website at www.magna.com.
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(1) Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
SOURCE Magna International Inc.