Magna Spins-off MI Shares

On August 29, 2003, Magna International Inc. completed the spin-off to its shareholders of 100 per cent of the shares in MI Developments Inc. (MID). MID’s business includes substantially all of Magna’s former real estate assets, with an aggregate net book value of approximately $1.1 billion as at March 31, together with the majority interest in Magna Entertainment Corp. formerly held by Magna.

Magna International’s legal team was directed by in-house counsel J. Brian Colburn, Peter Kalinas, Jeffrey Palmer and Bassem Shakeel; and included in Canada, Osler, Hoskin & Harcourt LLP with a team that included Jean Fraser, Rob Lando, Doug Bryce and David Surat (corporate/securities) and Firoz Ahmed and Steve Suarez (tax); and in the U.S., by Scott Freeman, Paul Adams and Richard Agster (corporate/securities) and Paul Wysocki (tax) of Sidley Austin Brown & Wood LLP in New York.

The special committee of the Magna board of directors was represented by Edward Waitzer, Bill Braithwaite and Brian Pukier (corporate) and David Finkelstein (tax) of Stikeman Elliott LLP.