<DOCUMENT>
<TYPE>EX-99
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<FILENAME>form27.txt
<DESCRIPTION>FORM 27 MATERIAL CHANGE REPORT JANUARY 20, 2004
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                                       FORM 27

                                   Securities Act

                              MATERIAL CHANGE REPORT UNDER
                              SECTION 75(3) OF THE ACT


1. Reporting Issuer

The reporting issuer is Magna International Inc. (the "Corporation" or "Magna"),
a corporation incorporated under the laws of the Province of Ontario and having
its registered office located at 337 Magna Drive, Aurora, Ontario, Canada L4G
7K1.

2. Date of Material Change

The material change occurred on January 20, 2004.

3. Press Release

On January 20, 2004 at approximately 9:00 a.m., a press release describing the
material change was issued by the Corporation and delivered to the Ontario
Securities Commission and the other Canadian securities regulatory authorities,
to the Toronto Stock Exchange, to The New York Stock Exchange and to Canada
NewsWire for publication and dissemination through its North American Disclosure
and European Financial Capitals Plus networks.

4. Summary of Material Change

On January 20, 2004, through distribution of a press release, the Corporation
announced the resignation of Ms. Belinda Stronach as President and Chief
Executive Officer and as a director of the Corporation and the appointment of
Mr. Frank Stronach as Interim President.

5. Full Description of Material Change

On January 20, 2004 the Corporation announced the resignation of Ms. Belinda
Stronach as President and Chief Executive Officer and as a director of the
Corporation.  As a result of her resignation, Mr. Frank Stronach assumed the
position as Interim President.  The Board of Directors of the Corporation has
established a Special Committee to conduct a search, together with Mr. Stronach,
for Ms. Stronach's replacement both inside and outside the Corporation.  Ms.
Stronach also resigned as a director and the Chairman of Decoma International
Inc., Intier Automotive Inc. and Tesma International Inc.

A copy of the Press Release issued on January 20, 2004 is attached.

6. Reliance on Section 75(3) of the Act

This report is not being filed on a confidential basis.

7. Omitted Information

Not applicable.


                                               - 2 -

8. Senior Officers

For further information, please contact J. Brian Colburn, Executive Vice-
President, Special Projects and Secretary of the Corporation at 905-726-7022.


8. Statement of Senior Officer

The foregoing accurately discloses the material change referred to herein.


DATED at Aurora, Ontario as of the 20th day of January, 2004.


                                                        /s/ J. Brian Colburn
                                                   _________________________
                                                            J. Brian Colburn
                              Executive Vice-President, Special Projects and
                                                                   Secretary

(Magna Logo)                                        Magna International Inc.
                                                             337 Magna Drive
                                                     Aurora, Ontario L4G 7K1
                                                        Tel	(905) 726-2462
                                                      Fax	(905) 726-7164

                                    PRESS RELEASE

                             MAGNA ANNOUNCES MANAGEMENT CHANGES


January 20, 2004, Aurora, Ontario, Canada......Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) announced that, effective this morning, Ms. Belinda
Stronach has resigned as its President and Chief Executive Officer and that Mr.
Frank Stronach has assumed the position of Interim President.  The Company's
Board of Directors has established a Special Committee to conduct a search,
together with Mr. Stronach, for Ms. Stronach's replacement both inside and
outside the Company.

Mr. Frank Stronach, the Chairman of the Company, stated: "On behalf of the Board
of Directors and the Company's employees, I would like to express our
appreciation for the outstanding contributions Belinda has made to
shareholders, customers and employees as President and CEO."  Mr. Stronach
added: "Magna is run like a partnership and now members of the senior
management team, particularly Manfred Gingl, Siegfried Wolf and Vince Galifi,
will assume increased responsibilities."

"Ms. Stronach has led Magna to record growth and profits," said the Honourable
Mr. Ed Lumley, Lead Director of the Company's Board of Directors, "and has made
significant contributions to both Magna and its subsidiaries.  The Board wishes
her the best as she seeks a new challenge."

"I would like to thank all Magna employees for their past support" commented Ms.
Belinda Stronach. "We have excellent employees and strong management teams at
Magna and our operating groups.  I leave Magna well positioned to deliver strong
operating results in the future and have every confidence that Magna will
continue to outperform its competitors. "

Ms. Stronach also resigned as a director of the Company and as a director and
the Chairman of Decoma International Inc., Intier Automotive Inc. and Tesma
International Inc.

Magna, the most diversified automotive supplier in the world, designs, develops
and manufactures automotive systems, assemblies, modules and components, and
engineers and assembles complete vehicles, primarily for sale to original
equipment manufacturers of cars and light trucks in North America, Europe,
Mexico, South America and Asia. Magna's products include: automotive interior
and closure components, systems and modules through Intier Automotive Inc.;
metal body systems, components, assemblies and modules through Cosma
International; exterior and interior mirror and engineered glass systems
through Magna Donnelly; fascias, front and rear end modules, plastic body
panels, exterior trim components and systems, greenhouse and sealing systems,
roof modules and lighting components through Decoma International Inc.;
various engine, transmission and fueling systems and components through
Tesma International Inc.; and a variety of drivetrain components through
Magna Drivetrain; and complete vehicle engineering and assembly through Magna
Steyr.

Magna has approximately 72,000 employees in 201 manufacturing operations
and 48 product development and engineering centres in 22 countries.

For further information please contact Vincent Galifi at Magna at
905) 726-7100.


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