Decoma privatization completed
07 Março 2005 - 9:00AM
PR Newswire (US)
Decoma privatization completed AURORA, ON, March 7
/PRNewswire-FirstCall/ -- Magna International Inc. (TSX: MG.SV.A,
MG.MV.B, NYSE: MGA) ("Magna") and Decoma International Inc. (TSX:
DEC.SV.A; NASDAQ: DECA) ("Decoma") today jointly announced that
Magna's privatization of Decoma by way of a plan of arrangement
under Ontario law, which received shareholder approval on February
28, 2005 and final court approval on March 2, 2005, became
effective at 12:01 a.m. on March 6, 2005. As a result, Decoma
amalgamated with Magna. In consideration for Magna's acquisition of
all of the issued and outstanding Class A Subordinate Voting shares
of Decoma not already owned by it, Magna will issue 2,854,400 Class
A Subordinate Voting shares in exchange for Decoma Class A
Subordinate Voting shares and pay approximately Cdn.$37,175,800 to
Decoma shareholders who made cash elections and for fractional
shares. For purposes of the cash elections, the volume-weighted
average trading price of Magna's Class A Subordinate Voting shares
on the Toronto Stock Exchange ("TSX") over the five trading days
ended March 4, 2005 was Cdn.$88.2856 per share, resulting in a
payment of Cdn.$12.8279 per share for Decoma shareholders who made
cash elections. Otherwise, Decoma shareholders will receive 0.1453
of a Magna Class A Subordinate Voting Share for each Decoma Class A
Subordinate Voting share under the arrangement. Decoma, designs,
engineers and manufactures automotive exterior components and
systems which include fascias (bumpers), front and rear end
modules, liftgates and running boards, plastic body panels,
exterior trim components, sealing and greenhouse systems and
lighting components for cars and light trucks (including sport
utility vehicles and mini-vans). Decoma has approximately 16,000
employees in 54 manufacturing, engineering and product development
facilities in Canada, the United States, Mexico, Germany, Belgium,
England, France, Austria, Poland, the Czech Republic and Japan.
Magna, the most diversified automotive supplier in the world,
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, Mexico, South
America and Asia. Magna's products include: automotive interior and
closure components, systems and modules through Intier Automotive
Inc.; metal body systems, components, assemblies and modules
through Cosma International; exterior and interior mirror and
engineered glass systems through Magna Donnelly; fascias, front and
rear end modules, plastic body panels, exterior trim components and
systems, greenhouse and sealing systems and lighting components
through Decoma International Inc.; various engine, transmission and
fueling systems and components through Decoma International Inc.; a
variety of drivetrain components through Magna Drivetrain; and
complete vehicle engineering and assembly through Magna Steyr.
Magna has approximately 81,000 employees in 219 manufacturing
operations and 49 product development and engineering centres in 22
countries. DATASOURCE: Magna International Inc.; Decoma
International Inc. CONTACT: For further information regarding this
press release, please contact at Magna: Vincent J. Galifi,
Executive Vice-President and Chief Financial Officer, at (905)
726-7100, and at Decoma: S. Randall Smallbone, Executive
Vice-President, Finance and Chief Financial Officer at (905)
669-2888.
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