Magna delays spinoff of non-auto operations

Article Abstract:

Magna International Inc., a manufacturer of auto parts, has postponed its plan to spin off its non-automotive and real estate business to give it more time to make investors familiar with the operations. Graham Orr, executive VP of corporate development, said the company now plans to spin off those operations by last week of April 1999 or later. Magna International originally intended to form an independent company that will oversee its real estate and non-automotive business and have its shareholders decide on the move at its annual meeting in December 1999.

Comment:

Postpones plan to spin off non-automotive & real estate bsns to give it more time to make investors familiar w/ those operations

Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Parent-to-subsidiary activities, Automotive parts

---

Stronach paid $26.6-million in '98

Article Abstract:

Magna International Inc.'s chairman and founder, Frank Stronach, received a total of C26.6 million in compensation for fiscal 1998. Stronach, who is expected to get about C$32.5 million for fiscal 1999, received most of his 1998 compensation through his private consulting company, Frank Stronach & Co., for services rendered to the auto parts maker's European units. Magna's Stronach, who established the firm in 1957, has benefited from his firm's policy of rewarding its executives with bonuses based of the company's performance in lieu of low base salaries.

Comment:

Its chairman and founder, Frank Stronach, received a total of C26.6 mil in compensation for fiscal 1998

Diversified Companies, Personal income information

---

Similar abstracts:

• Abstracts: Magna considers asset spinoff. CAW picks Ford as strike target. CAW head talks union with Magna chairman
• Abstracts: Renaissance selling gas assets to cut into $1.4-billion debt. Ex-Fracmaster boss to sell stake to recover instalment receipts
• Abstracts: Algene implements sweeping reorganization. BioChem chief executive gets $1.7-million in record year
• Abstracts: Goldman Sachs withdraws public offering. UPS to go public after 92 years
• Abstracts: Nortel gets it--wrong. TD's Baillie highest-paid bank boss at $8.5-million. Governments buckle to privatization trend

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.