Canadian auto parts maker Magna International Inc said on Thursday it will buy Swedish rival Veoneer Inc for about US$3.8 billion in cash, in a deal that would help expand its driver assistance technologies business.
Magna will buy out Veoneer's outstanding shares for $31.25 each, and the acquisition represents an enterprise value of $3.3 billion including debt, the companies said in a joint statement.
Veoneer's market value was $2.23 billion based on its Thursday closing price, according to Refinitiv Eikon data.
The acquisition will help Magna achieve about $100 million in annual cost savings by 2024, according to the statement.
Stockholm-based Veoneer will be combined with Magna's existing advanced driver assistance systems business.
The deal has been approved by the boards of both companies and is expected to close by the end of this year.
(Reporting by Anirudh Saligrama and Derek Francis in Bengaluru; Editing by Subhranshu Sahu)
Without having seen it, former Bank of Canada governor David Dodge believes that Tuesday's 2024 federal budget from Deputy Prime Minister and Finance Minister Chrystia Freeland is 'likely to be the worst budget' in decades.
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Michael Gordon Jackson, the man on trial after being charged with contravention of a custody order for allegedly abducting his daughter in late 2021 to prevent her from getting a COVID-19 vaccine, called himself to the stand Monday.
After four years at the University of Connecticut, Edwards was selected sixth overall by the Washington Mystics in the WNBA draft Monday night.
NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
Horrified worshippers watched online and in person as a bishop was stabbed at the altar during a church service in Sydney on Sunday evening.
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A movie weapons supervisor was sentenced to 18 months in prison in the fatal shooting of a cinematographer by Alec Baldwin on the set of 'Rust.'
Ontario Provincial Police are investigating after human remains were found in the Ottawa River in Clarence-Rockland on Monday.
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A controversial former school trustee from B.C.'s Fraser Valley who described a political rival as a "strip-tease artist" during an election campaign has been ordered to pay her $45,000 for defamation.
Michael Gordon Jackson, the man on trial after being charged with contravention of a custody order for allegedly abducting his daughter in late 2021 to prevent her from getting a COVID-19 vaccine, called himself to the stand Monday.
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A couple who owned a Colorado funeral home where authorities last year discovered 190 decaying bodies were indicted on federal charges that they misspent nearly US$900,000 in pandemic relief funds on vacations, cosmetic surgery, jewelry and other personal expenses, according to court documents unsealed Monday.
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The historic hush-money trial of Donald Trump got underway Monday with the arduous process of selecting a jury to hear the case charging the former U.S. president with falsifying business records in order to stifle stories about his sex life.
The U.S. Supreme Court on Monday let a Republican-backed law in Idaho that criminalizes gender-affirming care for transgender minors broadly take effect after a federal judge blocked it as unconstitutional.
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Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.
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The cybersecurity firm BrandShield has taken down more than 250 websites selling fake versions of popular weight-loss and diabetes drugs in the GLP-1 class, the company’s CEO Yoav Keren told Reuters.
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Dyson Knight may look like an average college student, but since 2004, he’s actually been a member of the internationally acclaimed Baha Men.
Canadian singer Grimes apologized to fans on Saturday after her Coachella set earlier that evening was beset by technical issues that caused her to scream into the microphone in frustration.
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A Vancouver woman whose company duped investors by promising big returns on real-estate deals that would house the homeless has been ordered to pay nearly $626,000 after the British Columbia Securities Commission deemed the operation a Ponzi scheme.
The U.S. Department of Justice is preparing to file an antitrust lawsuit against Live Nation as soon as next month, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Apple's smartphone sales tumbled 10 per cent last quarter, according to market research firm IDC, as sales in China fell sharply.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
Celebrity food critic Keith Lee said he was blown away by Toronto, handing a rich ranking to its culinary creators, as the first international stop of his latest food tour.
Even as the cost of living goes up, there are still ways to save some cash when out shopping or using credit cards.
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The Indiana Fever selected sharpshooter Caitlin Clark with the first pick of the WNBA Draft on Monday.
The NBA broke all-time regular-season records for total attendance, average attendance and sellouts for the second straight year in 2023-24.
Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales amid an intensifying price war for electric vehicles.
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While many people choose to keep their medical appointments private, four longtime friends decided to undergo vasectomies as a group in B.C.'s Lower Mainland.
A popular highway in Alberta's Banff National Park now has a 'no stopping zone' to help protect two bears.
B.C. resident Robert Conrad spent thousands of hours on Crown land developing an unusual bond with deer.
A Sudbury woman said her husband was bringing the recycling out to the curb Wednesday night when he had to make a 'mad dash' inside after seeing a bear.
A school teacher who took part in the Quebec version of the Survivor reality TV show took time off work to be a contestant is now out of a job.
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Lucas Raymond scored 4:35 into overtime after he scored a game-tying goal with 1:17 left in regulation, lifting the Detroit Red Wings to a 5-4 comeback win over the Montreal Canadiens on Monday night that keeps their playoff hopes alive.
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A mass exodus of elected officials from a rural Manitoba municipality has put the community in limbo and may force the province to dissolve what's left of the crumbling council.
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If you’ve ever felt the allure of Hollywood and wanted to be in a big-budget movie your time to shine is now.
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Michael Gordon Jackson, the man on trial after being charged with contravention of a custody order for allegedly abducting his daughter in late 2021 to prevent her from getting a COVID-19 vaccine, called himself to the stand Monday.
Regina's Jon Ryan is set to sign a one-day contract with the Seattle Seahawks tomorrow officially bringing to an end his pro-football career.
Cambridge resident Samantha Falkiner explains why something felt "off" about the men who approached her and her neighbours on Friday.
Police are searching a residence just east of downtown Guelph after a man went to hospital with injuries from a homemade explosive device.
Wellington County OPP is currently investigating a double fatal collision near Drayton.
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Dr. Ana-Maria Bosonea is the only allergist in Saskatoon seeing children under 12, and now she’s moving to Alberta.
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The Thunder Bay police chief is acknowledging some residents' eroding trust in the service as his predecessor and other high-ranking members of the force face criminal charges.
A motion going to city council Tuesday could be the first step in approving a pilot project that would approve bus passes for students in grade nine at Clarke Road Secondary school.
Multiple warnings have been issued about the dangers of coyotes and potential wild dogs following a weekend attack that left one person seriously injured.
When Westdell Development acquired White Oaks Mall last year, President Iyman Meddoui said they always had the vision of adding additional commercial and residential components.
It's been more than two years since Jim Lynne died in a crash along Mosley Street in Wasaga Beach.
A street sign in Barrie, renamed to honour 11-year-old Chase McEachern's legacy after he died in 2006, has gone missing again from an alleyway at the heart of the city's waterfront.
The residents of Kashechewan First Nation are in a race against time, preparing for a mass evacuation as the relentless threat of flooding from the Albany River looms closer.
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A new ranking by food delivery platform Uber Eats puts Windsor among the top cities in the province for ordering cannabis.
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A Vancouver woman whose company duped investors by promising big returns on real-estate deals that would house the homeless has been ordered to pay nearly $626,000 after the British Columbia Securities Commission deemed the operation a Ponzi scheme.
The HMCS Max Bernays made its way into its new home at CFB Esquimalt on Monday after a long journey from Halifax.
British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.
More than 80 residents from a low-income apartment building in Kelowna, B.C., have learned they won't be able to return to their homes for at least another two weeks.
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Lethbridge West MLA Shannon Phillips is calling on the province to reinstate funding for the Lethbridge Elder Abuse Response Network.
If you’re planning to head to the coulees this weekend to enjoy the nice weather, don’t forget to look down.
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The City of Sault Ste. Marie is expecting a busy summer at the Downtown Plaza. City officials say the plaza is coming off a successful first winter season, which saw large crowds gathering at the outdoor rink.
The Soo Greyhounds are the talk of the town, as their second-round matchup in the OHL playoffs touches down in the Sault.
Thunder Bay Police Service held a news conference Monday afternoon to discuss the misconduct investigation that led to criminal charges being laid against the city's former police chief.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
Longliners across Newfoundland and Labrador are tied up once again, as a new protest by the province's fish harvesters threatens to derail the crab fishery for a second straight year.
A unique photo exhibit is putting cameras into the hands of survivors of domestic and sexual violence in Newfoundland and Labrador.
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