UPDATE 1-Magna buyout of founder shares can go ahead-report

Newswire

* Appeal of controversial deal rejected by Canadian court * Founder set to reap more than $1 billion (Adds further detail, background. In U.S. dollars unless noted) TORONTO, Aug 30 (Reuters) - Auto parts company Magna International Inc's proposed buyout of founder Frank Stronach's controlling shares can go ahead, Canada's Globe and Mail reported on Monday, citing a ruling by a three-member panel of Ontario judges. Magna was not immediately available for comment. But the paper said the ...

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