Magna International Inc. has announced the completion of the second of two share repurchase programs. The program was commenced pursuant to an issuer bid exemption order issued to Magna by the Ontario Securities Commission on Nov. 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 $27.5 million CAD (approximately $21.9 million USD). All common shares acquired under the program were cancelled. The program formed part of Magna’s normal course issuer bid announced on Nov. 13, 2017.