Exhibit 99.1
(Magna Logo)
								Magna International Inc.
								337 Magna Drive
								Aurora, Ontario L4G 7K1
								Tel (905) 726-2462
								Fax (905) 726-7164

                            Press Release

     Magna Announces Shareholder Approval of MI Developments Spin-off

August 19, 2003, Aurora, Ontario, Canada ... Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) today announced that its shareholders have approved
the spin-off of MI Developments Inc. ("MID") to Magna shareholders. The
transaction was approved by over 97% of the votes cast by the holders of each
of Magna Class A Subordinate Voting Shares and Class B Shares, with each
class voting separately.

Magna shareholders of record as at the close of business on August 29,
2003 will receive one MID Class A Subordinate Voting Share for every two
Magna Class A Subordinate Voting Shares and one MID Class B Share for every
two Magna Class B Shares, with cash paid in lieu of fractional MID shares.
Subject to the receipt of certain regulatory approvals from Canadian
securities regulatory authorities and the U.S. Securities and Exchange
Commission, trading is expected to commence on an "if, as and when issued"
basis on August 20, 2003 for MID Class A Subordinate Voting Shares on the
Toronto Stock Exchange ("TSX") and New York Stock Exchange ("NYSE") and for
MID Class B Shares on the TSX.  Such trading will end at the close of
business on August 29, 2003 and regular trading of MID shares on the TSX and
NYSE is expected to begin with the opening of the stock markets on September
2, 2003.

MID will own substantially all of Magna's automotive real estate in addition
to all of Magna's shareholdings in Magna Entertainment Corp. ("MEC").
MID's real estate business includes real estate assets with an aggregate net
book value of approximately $1.1 billion as at March 31, 2003. Immediately
following the spin-off, MID will become the fourth largest publicly held
commercial real estate company in Canada by equity capitalization.

Belinda Stronach, Magna's President and Chief Executive Officer stated:
"I am pleased with the overwhelming support for the spin-off of MID as a
separate public company. This transaction is a win-win for Magna and its
shareholders. It unlocks the unrecognized value in MID and MEC, improves
Magna's returns and simplifies the valuation of Magna."

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 and complete vehicle engineering and assembly through Magna Steyr.

Magna has approximately 71,000 automotive employees in 206 manufacturing
operations and 47 product development and engineering centres in 22 countries.

For further information, please contact Vincent Galifi or Louis Tonelli
at (905) 726-7100.