TSX accepts Notice of Intention to Make Normal Course Issuer Bid

    AURORA, ON, Nov. 8 /CNW/ - Magna International Inc. (TSX: MG.A,
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 for cancellation and/or for
purposes of our long-term retention (restricted stock) and restricted stock
unit programs, up to 9,000,000 Magna Class A Subordinate Voting Shares (the
"Bid"), representing 9.9% of our public float. As of November 6, 2007, we had
117,860,222 issued and outstanding Class A Subordinate Voting Shares,
including a public float of 90,558,994 Class A Subordinate Voting Shares.

    As previously disclosed, the purpose of the Bid is:

    -   to attempt to offset any dilution arising from: (a) the issuance from
        treasury on September 20, 2007 of 20 million of Class A Subordinate
        Voting Shares pursuant to a statutory plan of arrangement involving
        Magna and OJSC Russian Machines, to the extent such issuance was not
        offset by the 11.9 million Magna Class A Subordinate Voting Shares we
        purchased for cancellation pursuant to a substantial issuer bid which
        was completed on September 25, 2007; and (b) the issuance from
        treasury from time to time of Class A Subordinate Voting Shares on
        exercise of Magna stock options; and

    -   to fund our restricted stock awards, the redemption of restricted
        stock units and our deferred profit sharing plans.

    The Bid will commence on November 12, 2007 and will terminate no later
than November 11, 2008. All purchases of Class A Subordinate Voting Shares
will be made 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. Both the rules and policies of the TSX and
Rule 10b-18 contain restrictions on the number of shares that can be purchased
under the Bid, based on the average daily trading volumes of the Class A
Subordinate Voting Shares on the TSX and NYSE, respectively. 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 91,737. 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 Class A
Subordinate Voting Shares and the timing of any purchases will be determined
by us having regard to future price movements and other factors.
    The size of the Bid was adjusted from that disclosed on November 6, 2007
to account for shares in our Canadian and U.S, deferred profit sharing plans,
which are excluded from the public float.

    We are the most diversified automotive supplier in the world. We design,
develop and manufacture automotive systems, assemblies, modules and
components, and engineer and assemble complete vehicles, primarily for sale to
original equipment manufacturers of cars and light trucks in North America,
Europe, Asia, South America and Africa. Our capabilities include the design,
engineering, testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision systems;
electronic systems; exterior systems; powertrain systems; roof systems; as
well as complete vehicle engineering and assembly.
    We have approximately 83,000 employees in 240 manufacturing operations
and 62 product development and engineering centres in 23 countries.

    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.
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", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and similar
expressions to identify forward-looking statements. Any such forward-looking
statements 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 with our expectations and predictions is subject to
a number of risks, assumptions and uncertainties. These risks, assumptions and
uncertainties include, without limitation, those related to the strategic
alliance with OJSC Russian Machines ("Russian Machines"), including: the risk
that the benefits, growth prospects and strategic objectives expected to be
realized from the investment by, and strategic alliance with, Russian Machines
may not be fully realized, realized at all or may take longer to realize than
expected; we will be governed by a board of directors on which the Stronach
Trust and Russian Machines each, indirectly, have the right to designate an
equal number of nominees, in addition to the current co-chief executive
officers, with the result that we may be considered to be effectively
controlled, indirectly, by the Stronach Trust and Russian Machines for so long
as the governance arrangements remain in place between them; our Russian
strategy involves making investments and carrying on business and operations
in Russia, which will expose us to the political, economic and regulatory
risks and uncertainties of that country; the possibility that Russian Machines
may exercise its right to withdraw its investment and exit from the governance
arrangements in connection with the strategic alliance at any time after two
years; the possibility that the Stronach Trust may exercise its right to
require Russian Machines to withdraw its investment and exit from such
arrangements at any time after three years; and the possibility that Russian
Machines' lender may require Russian Machines to withdraw its investment and
exit from such arrangements at any time if such lender is entitled to realize
on its loan to Russian Machines. In addition to the risks, assumptions and
uncertainties related to our relationship with Russian Machines, there are
additional risks and uncertainties relating generally to us and our business
and affairs, including the impact of: declining production volumes and changes
in consumer demand for vehicles; a reduction in the production volumes of
certain vehicles, such as certain light trucks; the termination or non-renewal
by our customers of any material contracts; our ability to offset increases in
the cost of commodities, such as steel and resins, as well as energy prices;
fluctuations in relative currency values; our ability to offset price
concessions demanded by our customers; our dependence on outsourcing by our
customers; our ability to compete with suppliers with operations in low cost
countries; changes in our mix of earnings between jurisdictions with lower tax
rates and those with higher tax rates, as well as our ability to fully benefit
tax losses; other potential tax exposures; the financial distress of some of
our suppliers and customers; the inability of our customers to meet their
financial obligations to us; our ability to fully recover pre-production
expenses; warranty and recall costs; product liability claims in excess of our
insurance coverage; expenses related to the restructuring and rationalization
of some of our operations; impairment charges; our ability to successfully
identify, complete and integrate acquisitions; risks associated with program
launches; legal claims against us; risks of conducting business in foreign
countries; work stoppages and labour relations disputes; changes in laws and
governmental regulations; costs associated with compliance with environmental
laws and regulations; potential conflicts of interest involving our indirect
controlling shareholders, the Stronach Trust and Russian Machines; 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, 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

For further information:

For further information: Vincent J. Galifi, Executive Vice-President and
Chief Financial Officer of Magna at (905) 726-7100

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