Magna announces new 10% Normal Course Issuer Bid

Magna (MGA) International announced the termination of its existing Normal Course Issuer Bid effective since February 15 and the Toronto Stock Exchange has accepted its Notice of Intention to establish a new Normal Course Issuer Bid. Pursuant to the Notice, Magna may purchase up to 28.5M Magna Common Shares, representing approximately 10% of its public float. As at October 31, Magna had 287,342,204 issued and outstanding Common Shares, including a public float of 286,960,792 Common Shares.