CORRECTED - UPDATE 1-Magna Entertainment to be spun off from parent


(Corrects reference to share buyback in paragraph 7 to read $240 million in shares instead of 240 million shares) (In U.S. dollars unless noted) TORONTO, Nov 26 (Reuters) - Canadian auto parts magnate Frank Stronach will take direct control of Magna Entertainment Corp under a complex plan announced by the struggling racetrack operator and its parent company on Wednesday. Stronach controls the boards of both Magna Entertainment and MI Developments , MEC's controlling shareholder and the ...

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