Canadian auto supplier Magna International Inc. has agreed to buy Donnelly Corporation, the second biggest supplier of mirrors to the automotive industry, for about US$ 320 million in stock. Under the…
Canadian auto supplier Magna International Inc. has agreed to buy Donnelly Corporation, the second biggest supplier of mirrors to the automotive industry, for about US$ 320 million in stock. Under the deal announced on 25 June, Donnelly, which is based in Holland, Michigan, US, will become a subsidiary of Magna, which is based in Aurora, Ontario, Canada. The companies expect to close the deal in late September. Donnelly shareholders will receive Magna stock worth US$ 28 for each Donnelly share. In addition, Magna will assume about US$ 95 million of Donnelly debt.