<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>nov10_2008-ex99pressrelease.txt
<DESCRIPTION>ACCEPTANCE OF NORMAL COURSE ISSUER BID
<TEXT>
Exhibit 99

MAGNA INTERNATIONAL INC.
337 Magna Drive
Aurora, ON, Canada L4G 7K1
Tel:  905-726-2462
Fax:  905-726-7164

TSX accepts notice of intention to make Normal Course Issuer Bid

    AURORA, ON, Nov. 10 /CNW/ - Magna International Inc. (TSX: MG.A, NYSE:
MGA) today announced that the Toronto Stock Exchange ("TSX") had accepted its
Notice of Intention to Make a Normal Course Issuer Bid (the "Notice").
Pursuant to the Notice, we may purchase for cancellation and/or for purposes
of our long-term retention (restricted stock), restricted stock unit, deferred
profit sharing programs and other stock-based compensation awards or programs,
up to 11,000,000 Magna Class A Subordinate Voting Shares (the "Bid"),
representing 9.9% of our public float. As of November 6, 2008, we had
111,871,188 issued and outstanding Class A Subordinate Voting Shares,
including a public float of 110,920,902 Class A Subordinate Voting Shares.
During the previous 12 months, the Corporation has purchased 6,016,283 Class A
Subordinate Voting Shares pursuant to a normal course issuer bid at an average
purchase price of US$75.27 per Class A Subordinate Voting Share.

    The primary purpose of the Bid is to fund our restricted stock awards,
the redemption of restricted stock units, our deferred profit sharing plans
and other stock-based compensation awards or programs.

    The Bid will commence on November 12, 2008 and will terminate no later
than November 11, 2009. All purchases of Class A Subordinate Voting Shares
will be made at the market price at the time of purchase in accordance with
the rules and policies of the TSX. Purchases may also be made on the New York
Stock Exchange ("NYSE") in compliance with Rule 10b-18 under the U.S.
Securities Exchange Act of 1934. Both the rules and policies of the TSX and
Rule 10b-18 contain restrictions on the number of shares that can be purchased
under the Bid, based on the average daily trading volumes of the Class A
Subordinate Voting Shares on the TSX and NYSE, respectively. As a result of
such restrictions, subject to certain exceptions for block purchases, the
maximum number of shares which can be purchased per day during the Bid on the
TSX is 80,225. The TSX recently announced a temporary exemption which
increases the amount of daily purchases an issuer is permitted to make under a
normal course issuer bid. Subject to certain exceptions for block purchases,
this exemption increases to 160,450 the maximum number of shares the
Corporation can purchase per day on the TSX from the start of the Bid up to
and including March 31, 2009. Subject to certain exceptions for block
purchases, the maximum number of shares which can be purchased per day on the
NYSE will be 25% of the average daily trading volume for the four calendar
weeks preceding the date of purchase. Subject to regulatory requirements, the
actual number of Class A Subordinate Voting Shares and the timing of
purchases, if any, will be determined by us having regard to future price
movements and other factors.

    We are the most diversified global automotive supplier. We design,
develop and manufacture technologically advanced systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; as well as complete vehicle engineering and
assembly.

    We have approximately 80,000 employees in 243 manufacturing operations
and 63 product development and engineering centres in 24 countries.

    <<
    FORWARD-LOOKING STATEMENTS
    --------------------------
    >>
    This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation.
Forward-looking statements may include financial and other projections, as
well as statements regarding our future plans, objectives or economic
performance, or the assumptions underlying any of the foregoing. We use words
such as "may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and similar
expressions to identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe are
appropriate in the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is subject to
a number of risks, assumptions and uncertainties. These risks, assumptions and
uncertainties include, without limitation, the impact of: shifting OEM market
shares; declining production volumes and changes in consumer demand for
vehicles; a reduction in the production volumes of certain vehicles, such as
certain light trucks; the termination or non-renewal by our customers of any
material contracts; our ability to offset increases in the cost of
commodities, such as steel and resins, as well as energy prices; fluctuations
in relative currency values; our ability to offset price concessions demanded
by our customers; our dependence on outsourcing by our customers; our ability
to compete with suppliers with operations in low cost countries; changes in
our mix of earnings between jurisdictions with lower tax rates and those with
higher tax rates, as well as our ability to fully benefit tax losses; other
potential tax exposures; the financial distress of some of our suppliers and
customers; the inability of our customers to meet their financial obligations
to us; our ability to fully recover pre-production expenses; warranty and
recall costs; product liability claims in excess of our insurance coverage;
expenses related to the restructuring and rationalization of some of our
operations; impairment charges; our ability to successfully identify, complete
and integrate acquisitions; risks associated with program launches; legal
claims against us; risks of conducting business in foreign countries,
including Russia; the risk that the growth prospects expected to be realized
in Russia and other markets may not be fully realized, may take longer to
realize than expected or may not be realized at all; work stoppages and labour
relations disputes; changes in laws and governmental regulations; costs
associated with compliance with environmental laws and regulations; potential
conflicts of interest involving our indirect controlling shareholder, the
Stronach Trust; and other factors set out in our Annual Information Form filed
with securities commissions in Canada and our annual report on Form 40-F filed
with the United States Securities and Exchange Commission, and subsequent
filings. In evaluating forward-looking statements, readers should specifically
consider the various factors which could cause actual events or results to
differ materially from those indicated by such forward-looking statements.
Unless otherwise required by applicable securities laws, we do not intend, nor
do we undertake any obligation, to update or revise any forward-looking
statements to reflect subsequent information, events, results or circumstances
or otherwise.

For further information: Vincent J. Galifi, Executive Vice-President and
Chief Financial Officer of Magna at (905) 726-7100
</TEXT>
</DOCUMENT>
