Holders of about 8 million shares in Magna International class A stock, or about 8 percent of the total outstanding, have confirmed they voted against a plan to sell 20 percent of the auto-parts maker to a Russian billionaire, the Globe and Mail newspaper said.
The holders confirmed they voted against the deal in proxies that had to be submitted by Friday, a report in the online edition of the newspaper said.
Shareholders opposing the plan by Magna founder Frank Stronach to sell the stake to Russian billionaire Oleg Deripaska were confident they had a chance to defeat the deal, the report said.
None of the firms that said they would vote against Stronach's plan agreed to have their name published, the report said.
More shareholders have given signals of dissent behind the scenes, including the mutual fund arm of one of Canada's biggest banks, bringing the total closer to the roughly 50 million needed to vote down the deal, the report said, citing the dissidents.
Magna shareholders will vote on Tuesday on a $1.54 billion investment by Deripaska, which the board of Magna approved in July. If approved Deripaska would get 20 million common shares of Magna and six of the 14 seats on the board of a new entity that will control Magna.
Ontario Teachers' Pension Plan will vote against the restructuring plan, saying the proposed transaction to sell a chunk of Magna, one of North America's biggest auto-parts makers, is a de facto change of ownership.
A Magna spokesperson did not immediately return a call for comment.
(Reporting by Lewis Krauskopf)