Joint Press Release - Intier shareholders approve privatization
30 März 2005 - 8:20PM
PR Newswire (US)
Joint Press Release - Intier shareholders approve privatization
NEWMARKET, ON, March 30 /PRNewswire-FirstCall/ -- Magna
International Inc. (TSX: MG.SV.A., MG.MV.B; NYSE: MGA) ("Magna")
and Intier Automotive Inc. (TSX: IAI.SV.A; NASDAQ: IAIA) ("Intier")
today jointly announced that Intier's shareholders have approved
the previously announced plan of arrangement under Ontario law, by
which Magna will acquire all of the outstanding Class A Subordinate
Voting Shares of Intier not owned by Magna. The arrangement was
approved by 75.04% of the votes cast by holders of Intier Class A
Subordinate Voting Shares, voting separately as a class. The
arrangement was also approved by 62.90% of the votes cast by the
"minority" holders of Intier Class A Subordinate Voting Shares.
Votes cast by Magna, and parties related to Magna, were excluded
for the purposes of the "majority of the minority" approval
requirement. The privatization transaction is expected to become
effective on April 3, 2005, subject to obtaining final court
approval. Intier is a global full service supplier and integrator
of automotive interior and closure components, systems and modules.
It directly supplies most of the major automobile manufacturers in
the world with approximately 24,100 employees at 74 manufacturing
facilities, and 15 product development, engineering and testing
centres in North America, Europe, Brazil, Japan and China. Magna,
the most diversified automotive supplier in the world, designs,
develops and manufactures automotive systems, assemblies, modules
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, South America and
Asia. Magna's products include: automotive interior and closure
components, systems and modules through Intier Automotive; metal
body systems, components, assemblies and modules through Cosma
International; exterior and interior mirror and engineered glass
systems through Magna Donnelly; fascias, front and rear end
modules, plastic body panels, exterior trim components and systems,
greenhouse and sealing systems and lighting components through
Decoma International; various engine, transmission and fueling
systems and components through Tesma International, a variety of
drivetrain components through Magna Drivetrain; and complete
vehicle engineering and assembly through Magna Steyr. Magna has
over 81,000 employees in 223 manufacturing operations and 56
product development and engineering centres in 22 countries.
DATASOURCE: Intier Automotive Inc. CONTACT: about this press
release, please contact Vincent J. Galifi, Executive Vice-President
and Chief Financial Officer of Magna, at (905) 726-7100; or Bruce
Cluney, Secretary of Intier, at (905) 898-5200
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