Stronach: man behind the auto parts giant Magna

[Automation Gallery]

Germany's finance minister announced the deal with Canadian car parts firm Magna, which will take over the European arm of General Motors, including Vauxhall and Opel.

Early Saturday after the second round of high-level talks in Berlin in as many days, Germany's finance minister said that a plan was approved for Magna to move ahead with a rescue of Opel.

Acquiring Opel is a major strategic move for Magna, which has been hurt by the troubles in the North American auto market, especially at its Detroit Three customers - GM, Ford and Chrysler - which are closing plants and slicing vehicle output.

For Stronach, the acquisition of Opel is the biggest deal in his company's history and cements his legacy as one of Canada's most globally ambitious executives.

http://www.forbes.com/feeds/ap/2009/05/30/ap6484068.html

http://news.sky.com/skynews/Home/Bu..._Canadian_Magna_International_For_Opel_Rescue

 

[afransen]

Make that auto manufacturer Magna.

 

[urbandreamer]

I am predicting this is the beginning of the end for Magna. Bankruptcy before 2013imho.

 

[highlife]

Canadian-based companies that have the size and resources should follow Magna's lead to expand and grow internationally.

 

[jks]

Well, after failing to obtain Chrysler Daimler a while back, Magna was bound to buy one auto manufacturer. Tehy seem very determined

 

[adma]

Well, at this rate, if Frank can't perform a little marketing magic, then maybe Belinda can bring in Gene Simmons or something

 

[wonderboy416]

Very risky move... but Opel's vehicles are terrific. Europe is under attack by the Japanese and Koreans (and soon the Chinese) so the work is clearly cut out for them. I'd imagine eventually they'd launch in North America. It would be nice to buy a Canadian car in Ontario. We should be able to do that now but a certain minister of transportation seems hell-bent on never letting that happen.