Three-quarters of Magna International’s shareholders voted to approve a controversial plan to pay founder Frank Stronach about $1 billion to give up control of the company. The deal needs still to be approved in Ontario Superior Court, but if it goes through, it would mean his family would lose control of the auto parts giant. Stronach would receive $300 million US in cash, $120 million in consulting fees over four years, nine million single-vote shares of Magna, and control over a new joint venture focused on electric vehicles. The fairness hearing for the deal is scheduled for Aug. 12 and 13.
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