June 18, 2010
The Ontario Securities Commission (OSC) today said it would allow a group of six Canadian shareholders to make submissions for the hearing into the proposed transaction to eliminate Magna International's multiple-voting shares.
The shareholder group includes the Ontario Teachers' Pension Plan, Canada Pension Plan Investment Board, OMERS Administration Corporation, Alberta Investment Management Corporation, British Columbia Investment Management Corporation and Letko Brosseau & Associates.
Teachers' is glad to have the opportunity to participate in the hearing alongside other Canadian investors. As major participants in capital markets, we are concerned with the abusive nature of the proposed transaction, its potential impact on the future integrity of the Canadian capital markets if allowed to proceed and the precedent it would establish for similar transactions.
The OSC hearing is scheduled for June 23 and 24.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan