Canadian Manufacturing

Nearly $2.5M of Magna shares sold

Stronach said he wanted to reap market conditions

December 21, 2010  by The Canadian Press

TORONTO: More than $2-million shares of Magna International were sold this month, according to a regulatory filing.

Company chairman Frank Stronach sold the shares between Dec. 7 and 16 for roughly US$124 million.

The prices ranged from $50.40 to $51.86.

In his filing with US securities regulators, Stronach said he made the transactions in order “to take advantage of market conditions and opportunities for sale at prices which the reporting persons considered favorable.”

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The stock hit an all-time high of US$52.42 and C$52.71 on Dec. 7.

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