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Magna falls on antitrust investigation in Brazil

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Canadian auto-parts giant Magna International (TSE:MG) slid on Friday after the company said Brazil's competition authority visited the offices of one of its subsidiaries as part of an ongoing antitrust investigation. 

Magna offered no other details, other than to say that its policy is to comply with all antitrust and competition laws, and that it plans to cooperate with the Brazilian authority in this investigation.

The automotive supplier has 317 manufacturing operations and 83 product development, engineering and sales centres in 29 countries, employing over 130,000 people. 

Shares fell 4.4 percent to $113.73 in Toronto on Friday, paring year-to-date gains to just over 30 percent.

Quick facts: Magna International

Price: 92.87 CAD

TSX:MG
Market: TSX
Market Cap: $27.79 billion
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