Stronach Sells Shares to Magna

People ♦ Published: December 30, 2010; 00:32 ♦ (Vindobona)

The founder and long-time Chairman of the board of the Austria-Canadian Magna Group, Frank Stronach, only holds 5.14% now.

Stronach Sells Shares to Magna / Picture: ©

After Stronach retired from the Board and now also as owner, he only keeps a small stake of 5.14% of the automotive supplier. Stronach sold about 523,550 shares, and received CAD 52 per share. The proceeds of the sales amount to CAD 27.2m. The current massive price increases of the share probably led Stronach to take this step. Magna is on a six-year high, due to the international…