Magna Obtains Issuer Bid Exemption Order to Permit Purchases by Way of Private Agreement

AURORA, Ontario, November 27, 2015 /PRNewswire/ --

Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission ("OSC") has issued an issuer bid exemption order (the "Order") permitting us to make private agreement purchases of Magna International Inc.'s ("Magna") Common Shares from an arm's length third-party seller. Any purchases of our Common Shares made by way of private agreement under the Order will be at a discount to the prevailing market price, may be made in tranches over time, and must otherwise comply with the terms of each of the Order, including that: only one such purchase is permitted per calendar week; any such purchase must occur prior to the expiry of our Normal Course Issuer Bid (the "Bid") on November 13, 2016; and the maximum number of Common Shares which may be purchased by way of all such private agreements cannot exceed 13,333,333, being one-third of the total number of Common Shares which may be purchased under the Bid.

All Common Shares purchased by way of private agreement made pursuant to the Order will be included in computing the number of Common Shares purchased under the Bid, and information regarding each purchase, including the number of Common Shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com following the completion of any such purchase.

Subject to regulatory requirements, the actual number of Common Shares to be purchased under the Bid, whether by way of any such private agreement or otherwise, and the timing of any such purchases will continue to be determined by us having regard to future price movements, our determination that such purchases would be an appropriate use of corporate funds and in the best interests of Magna, and other factors. All purchases will be subject to our normal trading blackouts.

ABOUT MAGNA 

We are a leading global automotive supplier with 285 manufacturing operations and 83 product development, engineering and sales centres in 29 countries. We have approximately 125,000 employees focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. 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 http://www.magna.com.