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Magna Announces Pricing of Decoma Initial Public Offering

23 February 1998

Magna Announces Pricing of Decoma Initial Public Offering

    MARKHAM, Ont., Feb. 23 /CNW-PRN/ - Magna International Inc. (TSE: MG.A.,
MG.B; ME: MG.A; NYSE: MGA) and its subsidiary Decoma International Inc. (TSE:
DEC.W; NASDAQ: DECFV) announced that Decoma has entered into an agreement with
a syndicate of underwriters led by Nesbitt Burns Inc., RBC Dominion Securities
Inc. and Prudential Securities Incorporated providing for the sale of
approximately 10.5 million Class A Subordinate Voting Shares at Cdn $9.50 per
share pursuant to a final prospectus filed with each provincial securities
commission in Canada and a registration statement filed with the Securities
and Exchange Commission in the United States. Magna has indicated that it will
purchase a majority of the offered shares, with the remainder to be purchased
by Decoma employees, Magna shareholders and other investors. Closing of the
offering is scheduled for March 2, 1998. Proceeds of the offering will be used
by Decoma for investments in fixed and other assets during fiscal 1998,
including approximately $60 million to be used to complete the construction
of, and acquire manufacturing equipment for, a new fascia and painting
facility in Ohio.
    Decoma designs, engineers and manufactures automotive fascias and related
components and plastic body panels and exterior appearance systems for cars
and light trucks principally for North American automobile manufacturers and
employs approximately 4,500 employees in 11 manufacturing facilities located
in North America and Europe.

    SOURCE  Magna International Inc.