AURORA, ON, Dec. 29, 2017 /CNW/ - Magna International Inc.
(TSX: MG; NYSE: MGA) today announced the completion of the second
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 395,100 Common Shares under the
Program directly from a third party, for an aggregate purchase
price of CAD $27.5 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.