Magna board OKs $1.54 bln Russian investment plan

Newswire

TORONTO, July 25 (Reuters) - Auto parts maker Magna International Inc. said on Wednesday its board had agreed to a $1.54 billion investment from a firm controlled by Russian billionaire Oleg Deripaska, and it expected shareholders to vote on the plan on Aug. 28. A Magna statement said the investment by Russian Machines, a wholly owned subsidiary of Deripaska's Basic Element Limited, would help Magna establish itself the growing Russian market. "In targeting the Russian market, Magna ...

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