Magna Shareholders Approve Arrangement Involving Russian Machines
AURORA, ON, Aug. 28 / -- Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today announced that its shareholders have approved the previously announced Plan of Arrangement with respect to the proposed strategic investment in Magna by Russian Machines, a wholly-owned subsidiary of Basic Element, including the acquisition of all Class B Shares not held by the Stronach Trust. Among the requisite approvals, the Plan of Arrangement was approved by:
o a majority of the votes cast by the "minority" holders of Class A
Subordinate Voting Shares, voting separately as a class;
o a majority of the votes cast by holders of Class A Subordinate Voting
Shares and Class B Shares, voting together as a single class,
excluding the votes attached to Class A Subordinate Voting Shares or
Class B Shares held by insiders participating in the Arrangement; and
o with respect to the Class B Share acquisition, a majority of the votes
cast by the "minority" holders of Class B Shares, voting separately as
a class.
Subject to regulatory and court approvals, the Arrangement is expected to become effective 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.
CONTACT:Vincent J. Galifi, Executive Vice-President and Chief Financial Officer of Magna at (905) 726-7100
