UPDATE 1-Magna to implement share plan, payout to Stronach

Newswire

* Magna to implement plan at market close on Tuesday * Company says dissident shareholders do not plan appeal * Shares up 1.8 percent on the TSX (In U.S. dollars unless noted) TORONTO, Aug 31 (Reuters) - Magna International Inc said it will likely go ahead later on Tuesday with a plan to buy out founder Frank Stronach's controlling share block, collapsing the giant auto-parts maker's dual-class share structure. The plan to pay Stronach about $1 billion in cash, common stock, and ...

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