31.08.2007, 08:24
Magna Shareholders Approve Arrangement Involving Russian Machines
OREANDA-NEWS. August 31, 2007.Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) announced that its shareholders have approved the previously announced Plan of Arrangement with respect to the proposed strategic investment in Magna by Russian Machines, a wholly-owned subsidiary of Basic Element, including the acquisition of all Class B Shares not held by the Stronach Trust.
About Magna
Magna is the most diversified automotive supplier in the world. Magna designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Magna’s capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and structural systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly. Magna has approximately 83,000 employees in 235 manufacturing operations and 62 product development and engineering centres in 23 countries.
About Basic Element
Basic Element is a diversified holding company founded in 1997 (known as Sibirsky Aluminum until 2001) with assets in Russia and abroad. Basic Element’s core assets are in seven sectors – Energy, Machinery, Resources, Aviation, Financial Services, Construction and Development. The consolidated revenues of the Group’s enterprises in 2006 amounted to over $18 billion. The Group employs 240,000 people. Enterprises of the Basic Element Group are located in Russia and in countries of the CIS, Europe, Africa, Latin America, as well as in Australia.
About Russian Machines
Russian Machines represents the Machinery Sector of the diversified holding company Basic Element, and includes automobile manufacturer GAZ Group, airplane manufacturer Aviacor, and train car manufacturer Abakanvagonmash. The 2006 estimated consolidated revenues of Russian Machines were approximately US$5 billion. Russian Machines’ subsidiaries currently employ approximately 130,000 people and have a unique role in helping to raise the profile of Russia’s machinery-building industry and fostering its integration into the global marketplace. GAZ Group is Russia’s second-largest automotive company with significant operations, including the manufacturing of vans, trucks, buses, construction equipment and cars and is the fourth largest buses and seventh-largest light commercial vehicle manufacturer worldwide.
About Magna
Magna is the most diversified automotive supplier in the world. Magna designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Magna’s capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and structural systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly. Magna has approximately 83,000 employees in 235 manufacturing operations and 62 product development and engineering centres in 23 countries.
About Basic Element
Basic Element is a diversified holding company founded in 1997 (known as Sibirsky Aluminum until 2001) with assets in Russia and abroad. Basic Element’s core assets are in seven sectors – Energy, Machinery, Resources, Aviation, Financial Services, Construction and Development. The consolidated revenues of the Group’s enterprises in 2006 amounted to over $18 billion. The Group employs 240,000 people. Enterprises of the Basic Element Group are located in Russia and in countries of the CIS, Europe, Africa, Latin America, as well as in Australia.
About Russian Machines
Russian Machines represents the Machinery Sector of the diversified holding company Basic Element, and includes automobile manufacturer GAZ Group, airplane manufacturer Aviacor, and train car manufacturer Abakanvagonmash. The 2006 estimated consolidated revenues of Russian Machines were approximately US$5 billion. Russian Machines’ subsidiaries currently employ approximately 130,000 people and have a unique role in helping to raise the profile of Russia’s machinery-building industry and fostering its integration into the global marketplace. GAZ Group is Russia’s second-largest automotive company with significant operations, including the manufacturing of vans, trucks, buses, construction equipment and cars and is the fourth largest buses and seventh-largest light commercial vehicle manufacturer worldwide.
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