CANADA: Magna plans to spin off real estate unit - report
Canadian automotive parts group Magna International plans to spin off a real estate unit that would hold properties largely occupied by Magna as a tenant, Reuters reported. Citing a Magna statement, Reuters said the spun-off company, MI Developments Inc (MID), would also own Magna's shareholdings in Magna Entertainment Corp (MEC), North America's leading owner and operator of horse racetracks.
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