17:58:00 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 358,395,997
Close 2018-04-06 C$ 74.79
Market Cap C$ 26,804,436,616
Recent Sedar Documents

Globe says Deripaska had ties with Stronach, Magna

2018-04-09 08:11 ET - In the News

The Globe and Mail reports in its Saturday edition that the United States Treasury Department slapped sanctions on Russian oligarch Oleg Deripaska on Friday, freezing his assets and prohibiting dealings with him. The Globe's Jacqueline Nelson writes that Mr. Deripaska was singled out for tight ties to the Russian state, possessing a Russian diplomatic passport and allegations of criminal activity. The U.S. move calls attention to his long history of looking for business opportunities, including those in Canada. He entered the Canadian scene in 2007, when he connected with then Magna International chairman Frank Stronach. Mr. Deripaska invested $1.54-billion (U.S.) to obtain 20 million Magna shares and also paid $150-million (U.S.) to Mr. Stronach's personal consulting firm to gain an interest in a holding company that would control Magna. The two men were to exercise joint control over the holding company in a deal that won the personal blessing of Russian President Vladimir Putin. Mr. Deripaska was forced, however, to sell his shares in Magna in 2008. Siegfried Wolf, as co-chief executive officer of Magna through that period, played a key role in bringing Mr. Stronach and Mr. Deripaska together.

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