June 22 (Bloomberg) -- Magna International Inc.’s founder and director, Frank Stronach, has sold about 16.9 million shares, or $837.9 million, of the company since December, reducing his stake to 1 million shares as he cedes control of North America’s largest auto-parts supplier.
Stronach sold the shares through 446 Holdings Inc. from December 9 to June 17 at prices ranging from $45 to $52.56, according to the System for Electronic Disclosure by Insiders, a Canadian website used to file insider reports to provincial securities regulators. Magna fell 1 cent to $49.64 at 4:02 p.m. in New York Stock Exchange composite trading. The shares have dropped 4.5 percent this year.
Magna simplified its corporate structure last year, consolidating the role of chief executive officer in Don Walker and eliminating its dual-class share structure. The changes ended Stronach’s control of the company and gave the Stronach trust cash and shares valued at $970 million when shareholders approved the change in July 2010.
Stronach, who started Magna as a one-man tool-and-die shop in 1957, stepped down as chairman after being elected to another one-year term as director at last month’s annual meeting of shareholders in Markham, Ontario, a Toronto suburb near Magna’s Aurora headquarters.
Magna had 241.9 million shares outstanding as of March 31, according to data compiled by Bloomberg. As of January, he was Magna’s largest shareholder. Stronach, through Daniel Witzani, a spokesman, declined to comment.
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