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Magna Announces Completion of Steyr Acquisition

3 June 1998

Magna Announces Completion of Steyr Acquisition

    AURORA, Ont., June 3 /CNW-PRN/ - Magna International Inc. (TSE:MG.A,
MG.B; ME:MG.A; NYSE:MGA) reported today that the previously announced purchase
by Magna of 66.8% of Steyr-Daimler-Puch AG and of 50% of Steyr-Daimler-Puch
Fahrzeugtechnik AG & Co. KG and Steyr-Daimler-Puch Fahrzeugtechnik AG was
completed today. The purchase price of ATS 4 billion (approximately Cdn $438
million) was paid entirely in cash. Mr. Donald Walker, the President and CEO
of Magna stated: ``The addition of the Steyr-Daimler-Puch organization to the
Magna family makes Magna unique amongst Tier One suppliers through its ability
to provide OEM customers with complete vehicle engineering and complete
vehicle assembly, and enhances its ability in vehicle integration, program
management and systems design. This acquisition also expands Magna's product
offering in the drivetrain area. These unique capabilities have already
generated significant interest from global OEMs.'' The Steyr-Daimler-Puch
group had sales in calendar 1997 of ATS 14.216 billion (approximately Cdn.
$1.6 billion) and employs over 6,000 people.
    The Company also announced today that it has taken up an additional 3.9%
of Triam Automotive Inc.'s outstanding common shares pursuant to its offer for
all of Triam's common shares, bringing its total holdings to 94.7%, and
confirmed that it has exercised its statutory right of compulsory acquisition
to acquire the balance of the Triam common shares which remain outstanding.
    Magna further announced that it intends to redeem on July 8, 1998 all of
its outstanding 7.25% Convertible Debentures due 2005 in cash at a redemption
price of Cdn. $1,000.60 (including interest) per thousand dollars principal
amount of such Debentures. The Debentures are convertible into Class A
Subordinate Voting Shares at a conversion price of Cdn. $60.25 at any time
prior to the close of business on July 7, 1998. Approximately Cdn. $149.7
million principal amount of Debentures remain outstanding.
    Magna, one of the most diversified automotive suppliers in the world,
designs, develops and manufactures automotive systems, assemblies 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 and South America. Magna's products include: exterior
decorative systems, interior products including complete seats, instrument and
door panel systems and sound insulation, stamped and welded metal parts and
assemblies, sunroofs, electro-mechanical devices and assemblies; through
Decoma International Inc. a variety of plastic parts, including body panels
and fascias; through Tesma International Inc. various engine, powertrain and
fueling and cooling components; and through the Steyr-Daimler-Puch group a
variety of drivetrain components and complete vehicle engineering and
assembly.
    Magna has over 49,000 employees in 155 manufacturing operations and 30
product development and engineering centres in 16 countries.