Magna Announces Completion of First Share Repurchase Program

AURORA, ON, Dec. 6, 2017 – 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
[email protected] | 905.726.7035

MEDIA CONTACT:
Tracy Fuerst, Director of Corporate Communications & PR
[email protected] | 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.

Related Links

http://www.magna.com

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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