Court Approves Arrangement Involving Russian Machines
AURORA, Ontario, August 31 Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today announced that the plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement") involving Open Joint Stock Company Russian Machines ("Russian Machines"), the Stronach Trust and the other parties named in the Arrangement, has received final court approval.
Magna also announced that The Toronto Stock Exchange has granted conditional approval for the issuance and listing of the 20 million Class A Subordinate Voting Shares to be issued to Russian Machines in the Arrangement and that the European Commission has granted merger control clearance for the transaction.
Subject to the receipt of certain other regulatory approvals and satisfaction of other applicable closing conditions, implementation of the Arrangement is expected to occur in late September 2007.
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.
Source: Magna International Inc.
Vincent J. Galifi, Executive Vice-President and Chief Financial Officer of Magna, at +1-905-726-7100
