Magna International announces completion of substantial issuer bid for US$1.1 billion

On September 25, 2007, Magna International Inc. (TSX: MG.A; NYSE: MGA) announced the final results of its offer to purchase up to US$1,536,600,000 in value of its Class A Subordinate Voting Shares ("Class A Shares"), which expired on September 20, 2007. The issuer bid was conducted by way of a "modified Dutch auction" procedure and the price range for the offer was US$76.50 to US$91.50 per Class A Share. Magna confirmed that it has purchased for cancellation 11,908,944 Class A Shares, representing 9.2% of its currently issued and outstanding Class A Subordinate Voting Shares, at US$91.50 per share for an aggregate purchase price of approximately U.S.$1.1 billion. Payment for these shares was made on September 25, 2007. The purchase was funded from the proceeds of the treasury issuance of 20,000,000 Class A Shares pursuant to the plan of arrangement involving Russian Machines, which was completed on September 20, 2007. Magna is a large, diversified, automotive supplier whose headquarters are located in Canada. Magna has approximately 83,000 employees in 229 manufacturing operations and 62 product development and engineering centres in 23 countries. Bill Orr, Aaron Atkinson, Geoff Clarke (securities and M&A) and Mitchell Thaw (tax) of Fasken Martineau were retained by the Special Committee of the Board of Directors of Magna to provide advice regarding the transaction regarding Russian Machines as well as the subsequent substantial issuer bid.