Magna International to buy the rest of Tesma

Newswire

NEW YORK, Dec 23 (Reuters) - Magna International Inc. , a Canadian automotive parts maker, said on Thursday it agreed to acquire all the outstanding shares of components maker Tesma International it does not already own. Under the agreement, shareholders of Tesma will receive 0.44 of a Class A subordinate voting share of Magna for each Class A subordinate voting share or cash. The total cash payable to Tesma shareholders will be capped at C$350 million, the companies said.

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