Magna International Inc. (TSX:MG) announces a share repurchase program. Under the program, the company will repurchase up to 28,500,000 shares, representing 9.92% of its share capital. The program is subject to approval from the Toronto Stock Exchange.

The purpose of program is cancellation of purchased shares as well as to fund stock-based compensation awards or programs. The plan will be valid till February 14, 2025. As of October 31, 2024, the company had 287,342,204 shares issued and outstanding.