Magna investors need more info on share plan- OSC

Newswire

TORONTO, June 24 (Reuters) - Magna International Inc must provide shareholders with more information in order to proceed with a vote on a plan that would pay its founder nearly $900 million for giving up his controlling shares, a Canadian regulator ruled on Thursday. The Ontario Securities Commission ruled that it was "not persuaded" that the auto parts maker's plan was abusive to shareholders. But it said Magna must amend the information circular sent to investors if it wishes to proceed ...

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