Magna International on Wednesday said it had bought back 11,908,944 class A shares, or 9.2% of the total, at $US91.50 each for about $1.1bn.
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The company had earlier offered to buy up to $1,536,600,000’s worth in an offer that expired on 20 September.
Payment for these shares was made today, the Canadian-based automotive parts maker and contract vehicle developer and assembler said in a statement.
The purchase was funded from the proceeds of the sales of 20,000,000 class A shares in the plan of arrangement involving Russian Machines which closed on 20 September.
Magna completes stake sale to Russians
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