Magna Plan of Arrangement to be Implemented
PR Newswire — August 31, 2010
AURORA, Canada, August 31, 2010 /PRNewswire/ — Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that, after the close of markets on August 30, 2010, the Ontario Divisional Court dismissed the appeal of certain dissident minority shareholders of Magna and upheld the decision of the Ontario Superior Court approving the previously announced plan of arrangement to eliminate Magna’s dual-class share structure. The decision of the Divisional Court followed a hearing held on August 26, 2010.
As Magna has been notified that the dissident shareholders do not intend to appeal the Divisional Court’s decision, Magna expects to implement the arrangement later today. Upon closing, Magna’s Class A Subordinate Voting Shares will be redesignated as ‘common shares’. Magna’s common shares will trade under the symbol ‘MG’ on the Toronto Stock Exchange and will continue to trade under the symbol ‘MGA’ on the New York Stock Exchange.
“We are very pleased with the Court’s decision and that we are finally in a position to close the arrangement, which has received strong support from Magna’s shareholders,” said Vince Galifi, Executive Vice-President and Chief Financial Officer. “With the transaction completed, we can refocus on pursuing our long-term growth strategy, including further investments in both innovation and emerging markets, in order to continue to serve our customers around the world.”
About Magna
We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (“OEMs”) of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems as well as complete vehicle engineering and assembly.
We have approximately 76,000 employees in 242 manufacturing operations and 76 product development, engineering and sales centres in 25 countries.
FORWARD LOOKING STATEMENTS
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