The auto parts company says the bid will start on Thursday and will end no later than
Magna says it may purchase the shares if it believes that the market price is attractive and that the purchase would be an appropriate use of corporate funds and in its best interests.
It had 286,780,238 issued and outstanding common shares as of
Under Magna's buy back plan announced in
By buying back shares, a company spreads its profits over fewer shares. That increases its earnings per share, a key ratio used to determine a company's financial health and investment rating.
This report by The Canadian Press was first published
Companies in this story: (TSX:MG)
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