Magna Acquires Remaining Stake in E-Car

Magna International Inc. says it will pay US$75 million in cash to buy the remaining 27% of E-Car Systems it doesn't already own.

E-Car makes lithium-ion batteries, traction motors and other components for electric and hybrid vehicles. The company was set up in 2010 as a venture between Magna and a company affiliated with the Canadian supplier's founder, Frank Stronach.