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Magna Pays $37 Million, Issues 2.85 Million Shares in Absorbing Decoma International

Magna International Inc. says it will pay about $37 million (Cdn) and issue 2.85 million shares to stockholders of former spinoff Decoma International after they approved a takeover by the giant auto parts company last week. The cash-shares offer, approved by shareholders on Feb. 28, won court approval last Wednesday.

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From Canadian Press

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AURORA, Ontario — Magna International Inc. says it will pay about $37 million (Cdn) and issue 2.85 million shares to stockholders of former spinoff Decoma International after they approved a takeover by the giant auto parts company last week.

The cash-shares offer, approved by shareholders on Feb. 28, won court approval last Wednesday.

Decoma designs and makes automotive exterior components and systems, including bumpers and plastic body panels. The firm has about 16,000 employees at 54 sites around the world.

Aurora-based Magna designs and makes automotive systems and components, and engineers and assembles complete vehicles. The firm has about 81,000 employees in 219 manufacturing operations and 49 product development and engineering centers in 22 countries.

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Copyright 2005 Canadian Press. All Rights Reserved.

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