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Magna Takes Tesma Private

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[ Business]

Magna International’s plan to take auto parts producer, Tesma private was approved by the company’s shareholders.

“I think there should be no shareholders out there being totally unhappy about it,” said Tesma chairman and CEO Manfred Gingl. “But there’s always those who want more and that’s natural.”

According to CBC Business News,

“The class-A shareholders of Tesma voted 71 per cent in favour of the deal. Minority shareholders excluding Magna and related parties voted over 60 per cent in favour.

The privatization of the automobile engine and transmission maker is expected to be completed by February 6.”

Magna had a 44% equity stake in Tesma before the privatization.

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Magna Takes Tesma Private
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