UPDATE 1-Magna's proposed share plan wins favor

Newswire

* Majority of Class A holders currently back share deal * Magna shares up 2.1 pct on Toronto Stock Exchange (In U.S. dollars, unless noted) TORONTO, June 23 (Reuters) - A majority of Magna International Inc's Class A shareholders have already voted to support the automaker's controversial plan to pay its founder a huge premium to loosen his control, said a top executive of the auto parts maker on Wednesday. Frank Stronach stands to pocket $863 million in cash and stock in exchange for ...

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