Magna says Russian Machines to invest in firm
NEW YORK, May 10 (Reuters) - Magna International Inc. (MGa.TO: Quote, Profile, Research said on Thursday a unit of Russia's Basic Element would invest in it to help the Canadian auto-parts maker capitalize on growth opportunities in the Russian and other automotive markets.
Basic Element unit Russian Machines would invest about $1.54 billion to indirectly buy 20 million Class A subordinate voting shares of Magna from treasury, Magna said.
Basic Element is one of the largest privately held industrial conglomerates in Russia and is beneficially held by Oleg Deripaska, Magna said.
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