10:29 AM EST, 11/05/2024 (MT Newswires) -- Magna International ( MGA ) said Tuesday it is terminating its existing normal course issuer bid and that a notice to establish a new normal course issuer bid was accepted by the Toronto Stock Exchange.

The notice covers purchases of up to 28.5 million common shares, equal to about 10% of its public float, Magna said.

The company said its prior normal course issuer bid will terminate at the close of trading on Wednesday and the new bid will start on Thursday to terminate on Nov. 6, 2025.

Magna said it also established an automatic share purchase plan to facilitate the purchase of shares under the new bid.

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