Magna Shareholders Vote to End Dual-Class Setup, Founder's Control
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Summary
Magna International, Canada's largest auto-parts maker, will eliminate its dual-class structure and end founder Frank Stronach's control of the company after shareholders approved a reorganization plan.
Shareholders approved the plan with about 93 percent of the votes cast at a special meeting in Toronto, Magna said Friday. The Aurora, Ontario-based company said about 75 percent of Class A shares voted were in support. The plan is subject to court approval at a hearing Aug. 12 and 13.See the full content of this document
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Magna Shareholders Vote to End Dual-Class Setup, Founder's Control
The deal gives the Stronach Trust, controlle...
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