Automotive Industry
Industry: Email Alert RSS FeedMagna makes buyout bid to subsidiaries.(Suppliers)
Automotive News Europe, November, 2004
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Byline: Dale Jewett
Shifting its corporate strategy into reverse, auto supplier Magna International has launched a $1-billion (currently [euro]780 million) bid to buy out the minority shareholders of its three publicly traded subsidiaries.
In a separate issue, the supplier said it has no plans to spin off its Austria-based division, Magna Steyr.
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"The Magna board determined that Magna will no longer pursue further spinoffs such as the previously proposed spinoff of Magna Steyr," Vince Galifi, Magna's chief financial officer, said during a conference call with ...
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