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Magna Completes Class A Subordinate Voting Share Offering

26 June 1998

Magna Completes Class A Subordinate Voting Share Offering

    AURORA, Ont., June 25 /CNW-PRN/ - Magna International Inc. (TSE: MG.A.,
MG.B; ME: MG.A; NYSE: MGA) today announced that it has completed the
previously announced sale of 4,025,000 Class A Subordinate Voting Shares
(including 525,000 shares sold through the full exercise by the underwriters
of the over-allotment option) at Cdn. $101.45 per share for net proceeds of
approximately Cdn $398 million, after deducting the applicable underwriting
fees. The issue was underwritten by Goldman, Sachs & Co. and its Canadian
affiliate, Goldman Sachs Canada.
    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; a variety of
plastic parts, including body panels and fascias through Decoma International
Inc.; various engine, powertrain and fueling and cooling components through
Tesma International Inc.; and a variety of drivetrain components and complete
vehicle engineering and assembly through the Steyr-Daimler-Puch Group.
    Magna has over 49,000 employees in 155 manufacturing operations and 30
product development and engineering centres in 16 countries.