TSX Accepts Notice of Intention to Make Normal Course Issuer Bid

       TSX Accepts Notice of Intention to Make Normal Course Issuer Bid

  PR Newswire

  AURORA, Ontario, November 9, 2012

AURORA, Ontario, November 9, 2012 /PRNewswire/ --

Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Toronto
Stock Exchange ("TSX") had accepted its Notice of Intention to Make a Normal
Course Issuer Bid (the "Notice"). Pursuant to the Notice, we may purchase up
to 12,000,000 Magna Common Shares (the "Bid"), representing approximately 5.2%
of our public float. As at November 7, 2012 we had 233,228,126 issued and
outstanding Common Shares, including a public float of 232,113,173 Common
Shares. During the previous 12 months, the Corporation has purchased 3,668,430
Common Shares pursuant to a normal course issuer bid at a weighted average
purchase price of US$35.45 per Common Share.

The primary purposes of the Bid are purchases for cancellation, as well as
purchases to fund our stock-based compensation awards or programs and and/or
our obligations to our deferred profit sharing plans. The Corporation may
purchase its Common Shares, from time to time, if it believes that the market
price of its Common Shares is attractive and that the purchase would be an
appropriate use of corporate funds and in the best interests of the

The Bid will commence on November 13, 2012 and will terminate no later than
November 12, 2013. All purchases of Common Shares will be made on the TSX at
the market price at the time of purchase in accordance with the rules and
policies of the TSX. Purchases may also be made on the New York Stock Exchange
("NYSE") in compliance with Rule 10b-18 under the U.S. Securities Exchange Act
of 1934. The rules and policies of the TSX contain restrictions on the number
of shares that can be purchased under the Bid, based on the average daily
trading volumes of the Common Shares on the TSX. Similarly, the safe harbor
conditions of Rule 10b-18 impose certain limitations on the number of shares
that can be purchased on the NYSE per day. As a result of such restrictions,
subject to certain exceptions for block purchases, the maximum number of
shares which can be purchased per day during the Bid on the TSX is 151,269
based on 25% of the average daily trading volume for the prior six months
(being 605,077 Common Shares on the TSX). Subject to certain exceptions for
block purchases, the maximum number of shares which can be purchased per day
on the NYSE will be 25% of the average daily trading volume for the four
calendar weeks preceding the date of purchase. Subject to regulatory
requirements, the actual number of Common Shares and the timing of purchases,
if any, will be determined by us having regard to future price movements and
other factors. All purchases will be subject to our normal trading blackouts.


We are a leading global automotive supplier with 305 manufacturing operations
and 88 product development, engineering and sales centres in 27 countries. Our
117,000 employees are focused on delivering superior value to our customers
through innovative processes and World Class Manufacturing. Our product
capabilities include body, chassis, interiors, exteriors, seating, powertrain,
electronics, mirrors, closures and roof systems and modules, as well as
complete vehicle engineering and contract manufacturing.


This press release may contain statements that, to the extent that they are
not recitations of historical fact, constitute "forward-looking statements"
within the meaning of applicable securities legislation, including, but not
limited to, future purchases of our Common Shares under the Normal Course
Issuer Bid. Forward-looking statements may include financial and other
projections, as well as statements regarding our future plans, objectives or
economic performance, or the assumptions underlying any of the foregoing. We
use words such as "may", "would", "could", "should" "will", "likely",
"expect", "anticipate", "believe", "intend", "plan", "forecast", "outlook",
"project", "estimate" and similar expressions suggesting future outcomes or
events to identify forward-looking statements. Any such forward-looking
statements are based on information currently available to us, and are based
on assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate in the
circumstances. However, whether actual results and developments will conform
to our expectations and predictions is subject to a number of risks,
assumptions and uncertainties, many of which are beyond our control, and the
effects of which can be difficult to predict. These risks, assumptions and
uncertainties include, without limitation, the impact of: the potential for a
deterioration of economic conditions or an extended period of economic
uncertainty; liquidity risks; risks arising due to the failure of a major
financial institution; fluctuations in relative currency values; legal claims
and/or regulatory actions against us; the unpredictability of, and fluctuation
in, the trading price of our Common Shares; changes in laws and governmental
regulations; and other factors set out in our Annual Information Form filed
with securities commissions in Canada and our annual report on Form 40-F filed
with the United States Securities and Exchange Commission, and subsequent
filings. In evaluating forward-looking statements, we caution readers not to
place undue reliance on any forward-looking statements and readers should
specifically consider the various factors which could cause actual events or
results to differ materially from those indicated by such forward-looking
statements. Unless otherwise required by applicable securities laws, we do not
intend, nor do we undertake any obligation, to update or revise any
forward-looking statements to reflect subsequent information, events, results
or circumstances or otherwise.

For further information:

Vince Galifi, Executive Vice-President and Chief Financial Officer at
+1-905-726-7100 or Louis Tonelli, Vice-President, Investor Relations at
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