Frank Stronach
Canadian politician
Frank Stronach
Frank Stronach, CM is an Austrian-Canadian businessman and politician. He is the founder of Magna International, an international automotive parts company based in Aurora, Ontario, Canada, and Magna Entertainment Corp. , which specializes in horse-racing entertainment. With an estimated net worth of $US 1.7 billion (as of March 2011), Stronach was ranked by Forbes as the 21st wealthiest Canadian and 736th in the world.
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Canadian billionaire Stronach to end foray into Austrian politics
Yahoo News - over 3 years
By Georgina Prodhan VIENNA (Reuters) - Austro-Canadian billionaire Frank Stronach is to retire from Austrian politics after a year-long adventure that culminated in a poor poll showing and the near self-destruction of his party. The maverick 81-year-old industrialist scored a disappointing 6 percent in national elections last month, after voter disenchantment with the centrist status quo had propelled him as high as 10 percent in early opinion polls. ...
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Yahoo News article
Right-Wing Coalition Prospects Fade in Austria
NYTimes - over 3 years
Prospects of a center-right government in Austria faded on Friday as both the conservative People's Party and the far-right Freedom Party (FPO) moved away from a possible alliance with the new Euroskeptic party of industrialist Frank Stronach.     
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NYTimes article
Austria’s election: The Eurosceptics’ victory
The Economist - over 3 years
AT FIRST sight, Austrian voters chose business as usual in the election on September 29th. The Social Democrats (SPÖ) and centre-right People’s Party (ÖVP), which have governed the country together for all but seven years since 1986, retained their majority, albeit with fewer seats. Even though a coalition between the ÖVP and two right-wing groups is theoretically possible, another left-right coalition seems more likely.Yet a closer look at the result reveals signs of turmoil in Austrian politics. Due to a larger-than-ever protest vote, the two main parties saw their combined share of the vote fall to just over 50%, down from 55% in 2006 and 78% in 2002. A whopping 30% went to the Eurosceptic far right, split between the xenophobic Freedom Party (FPÖ) with 21%, the more centrist Alliance for Austria’s Future, which fell just short of the 4% threshold to enter parliament, and Team Stronach, led by Frank Stronach, an Austro-Canadian entrepreneur, which got nearly 6%.Although Austria b ...
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The Economist article
Canadian throws money, ego into Austrian election
Fox News - over 3 years
On a cool day in Eisenstadt, far from the prairies of Canada where he made his fortune, billionaire Frank Stronach rails against corrupt politicians, posing as the prodigal son who has returned to save Austria.
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Fox News article
Factbox: Austria coalition faces eurosceptic, Green challenge in Sept poll
Yahoo News - over 3 years
VIENNA (Reuters) - Austrians vote on September 29 to elect a new parliament for a five-year term. The ruling pro-Europe coalition of the center-left Social Democrats and center-right People's Party faces challenges from the right-wing Freedom Party, environmentalist Greens and a new eurosceptic party formed by car parts magnate, Frank Stronach. Nine parties are running at the national level? for 183 seats in Austria's parliament, although only five parties have a reasonable chance to pass the 4 percent threshold to get in. ...
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Yahoo News article
Bare chests liven up Austria's election campaign
San Francisco Chronicle - over 3 years
Borrowing a page from Russian President Vladimir Putin's playbook, the beefcake displays are the latest twist in the rivalry between populist candidate Frank Stronach and Heinz-Christian Strache, head of the anti-immigrant and EU-skeptic Freedom Party. Wearing jeans and a smile, he revealed a trim 80-year-old upper body as he stood next to his private lake during weekend interviews with Austrian dailies. A photo of the tanned and athletic 42-year-old clad in swimming trunks appeared Sunday on his Facebook page, with the caption "top fit in the election campaign!" Strache's party regularly polled third with support close to 30 percent before the billionaire entered the fray, but the Freedom Party leader now says he will be happy with 20 percent of the vote next month.
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San Francisco Chronicle article
Austria's Stronach reaches deal to run in Tyrol election -APA
Reuters.com - almost 4 years
VIENNA, April 11 (Reuters) - Frank Stronach, the leader of a new political force in Austria, has struck a deal with a rival that will allow his party to run for election in the state of Tyrol, the Austria Press Agency said.
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Reuters.com article
Magna profit surges 12.5% as U.S auto recovery boosts sales
Financial Post - almost 4 years
Shares of Magna International Inc. rallied after the auto parts maker reported a 12.5% rise in profit on strong performance in its North American business, and raised its full-year sales forecast. The fortunes of auto parts makers are tightly tied to the Detroit Three and the health of the U.S. vehicle market. The steady recovery by Ford Motor Co., General Motors Co. and Fiat SpA’s Chrysler from their recession-induced slump bode well for Canadian auto parts makers. “We achieved this sales increase in a period when vehicle production increased 12% in North America,” the company said in a statement. Shares of the Aurora, Ontario-based company, which have gained more than 30% over the last six months, rose 3.3% to $56.67 on the Toronto Stock Exchange Friday. The company now expects 2013 sales of $32-billion to $33.4-billion, up from its prior forecast of $31.3-billion to $32.7-billion. Analysts on an average expect 2013 revenue of $32.2-billion, according to Thomson Reuters ...
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Financial Post article
Telus win scores for ­shareholders
Financial Post - over 4 years
Merging its two classes of shares on a one-for-one basis is fair The tale at Telus is well known by now: Telus has proposed to collapse its dual-class share structure whereby Telus non-voting shares would be exchanged for common (voting) shares on a one-for-one basis. An institutional shareholder, Mason Capital, opposed the arrangement transaction under which this would occur. Mason holds 18.7% of the common shares and 0.4% of the non-voting shares. Its net investment in Telus represents only 0.02% of Telus’s share capital. Telus won the shareholder vote on Wednesday. Mason opposed the one-for-one ratio, arguing that the common shares historically are more valuable than non-voting shares and have traded at an average premium of 4.83%, which has reached as high as 15.23%. Thus, Mason argued that the Telus proposal would result in a loss of substantial value to holders of common shares. It is true that in some instances, the collapse of dual-class share structures has resulted in ...
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Financial Post article
Billionaire turns Austria elections into euro poll
Yahoo News - over 4 years
VIENNA (Reuters) - Billionaire auto parts magnate Frank Stronach has burst into Austrian politics with a call to abandon the euro, probably turning parliamentary elections due next year into a de facto referendum on the country's role in Europe. The man who emigrated to Canada as a 22-year-old pauper and made a fortune by building the Magna automotive supply empire has come home with a bang, insisting it is time to restore the schilling national currency as quickly as possible. ...
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Yahoo News article
Canadian Mogul Turns To Austrian Politics
Forward - over 4 years
Canadian billionaire Frank Stronach, who founded the Magna International auto parts empire, is moving into politics in a big way — but not in his adopted homeland. Stronach is about to announce the formation of a new political party in his native Austria that will aim “for the nation’s exit from the Eurozone,” the Toronto Star reports. Stronach, who turns 80 next month, wants to shake up Austria, and has taken the current government to task for “cronyism and corruption.” Click here for the rest of the article...
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Forward article
This Canadian Billionaire Is Now Working To Break Up The Euro
Huffington Post - over 4 years
After dropping hints about it for a year, Frank Stronach, the billionaire founder of auto parts maker Magna International, is launching a political party in Austria with the intention of breaking the small European country away from the struggling eurozone, according to news reports. “Europe can only work if every country has its own currency,” Stronach, whose fortune is estimated by Forbes to be $1.2 billion (U.S.), told the German business daily Deutsche Wirtschafts Nachrichten. Stronach, who was born in Austria and immigrated to Canada as a youth in the 1950s, is joining a growing chorus of politicians and parties who have soured on the European common currency in the wake of the Greek and Spanish debt crises. He formally announced his intention to form a party over the weekend. He has previously suggested the party would be called the Citizens' Alliance. Stronach told the Austrian daily Die Presse that leaving the euro is necessary to ensure that future generation ...
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Huffington Post article
BCE faces backlash after promising Astral founding family higher payout in takeover deal
Financial Post - almost 5 years
MONTREAL — A prominent investor and a business watchdog are denouncing BCE Inc.’s plan to pay Astral Media Inc.’s founding family more than other shareholders to buy the media company, calling it a corporate governance blunder. The issue will come to a head Thursday in Montreal when Astral shareholders will be asked to approve the $3-billion takeover by BCE, unveiled in March. The deal is expected to pass, but not without criticism. Opponents of the transaction say it tramples on the rights of minority shareholders in much the same way Magna International Inc. did when the company bought out founder Frank Stronach’s special shares for US$863-million. ‘Basically people and smart lawyers are circumventing the rules [on dual-class shares] by getting more cash compensation to certain shareholders’ “Basically people and smart lawyers are circumventing the rules [on dual-class shares] by getting more cash compensation to certain shareholders,” said Len Racioppo, president of money ma ...
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Financial Post article
Telus funds ignore governance
Financial Post - almost 5 years
Try to leverage profit from Telus’s dual-class structure By Anita I. Anand The collapse of Magna’s dual-class share structure in 2011 via an insider bid for Frank Stronach’s holdings raised eyebrows because of the unprecedented pay out of an 1,800% premium that Mr. Stronach (through a private holding company) received in the transaction. Dual-class structures are once again in the spotlight with the recent proposal by Telus to eliminate its dual class structure. It was clear that Magna concerned securities regulators at least from a disclosure standpoint. By contrast, regulators have been conspicuously silent on the Telus transaction. Under the terms of the Telus proposal, which goes to a shareholder vote on May 9, each non-voting share would be converted to a common share on a one-for-one basis. The two classes of shareholders will vote separately on the transaction. Two-thirds approval from each class is required in order for the votes to pass. Thus, a concern about shareholde ...
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Financial Post article
Proxy firms offer opposing advice on Magna's Stronach
Yahoo News - almost 5 years
TORONTO (Reuters) - Two prominent proxy advisory firms have opposing advice for Magna International Inc shareholders who will decide on whether to re-elect its controversial founder Frank Stronach as director at the auto-parts maker's annual meeting on May 10. Glass Lewis & Co is recommending shareholders withhold their vote for Stronach, citing 2011 real estate deals in which Magna sold properties at a loss to companies affiliated with Stronach and former Magna co-Chief Executive Officer Siegfried Wolf. ...
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Yahoo News article
Chinese companies widen net on Canadian investment - Globe and Mail
Google News - over 5 years
The LeVan family, which controls Wescast through multiple-voting shares, is following a similar path to that of Magna International Inc. founder Frank Stronach, who sold his controlling stake in the auto parts giant last year
Article Link:
Google News article
Ritzy golf course being built north of Ocala - Ocala
Google News - over 5 years
On a hot and sunny morning recently, bulldozers and excavators were busily sculpting the landscape, while crews were repairing concrete paths and laying sod, in hustling to build Canadian billionaire Frank Stronach's latest residential golf course
Article Link:
Google News article
Brighter days ahead for band Discovered on MuchMusic - Edmonton Journal
Google News - over 5 years
Aurora, Ont., is a pleasant, leafy, well-to-do community just north of Toronto that has given us a surprising number of NHL players and is home to Frank Stronach's Magna
Article Link:
Google News article
Magna, Ontario to invest $400-million in R&D for electric vehicles - Globe and Mail
Google News - over 5 years
Some of the money will flow to Magna's E-car business, which is a joint venture between the company and its founder Frank Stronach, but it is also likely to be used to develop new lighter weight components by other Magna divisions
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Google News article
Timeline
Learn about memorable moments in the evolution of Frank Stronach
    LATE_ADULTHOOD
  • 2013
    Age 80
    This led to suggestions that Stronach would take over the BZÖ ahead of the 2013 elections so as to give his movement seats in Parliament.
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  • 2012
    Age 79
    Stronach's plans to form a new party gained prominence in 2012.
    More Details Hide Details He called for a flat tax of 20%, a reduction in bureaucracy by 10% over five years, and a balanced budget. He has ruled out leading the party himself. Stronach has argued that Austria should stay in the EU, but that the euro was a 'monstrosity'. His programme has been compared to the Alliance for the Future of Austria (BZÖ); Stronach has recently admired the BZÖ's leader Josef Bucher as the only politician in Austria that represents economic liberalism.
  • 2011
    Age 78
    In November 2011, he called for an 'intellectual revolution' in Austria, suggesting that he would be willing to fund a student-led political party.
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    In 2011, Stronach entered Austrian politics, proposing the establishment of a new political party: a "Citizens' Alliance" advocating tax, health, and education reform.
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  • 2005
    Age 72
    On 24 November 2005, he decided not to seek re-election as president of the Austrian Bundesliga.
    More Details Hide Details Stronach also founded the Frank Stronach Football Academy in Hollabrunn to train and educate adolescent players. The academy was closed in 2009. On 6 September 2005, Stronach announced that he and Magna International were committing $2 million to start a model community for people displaced by Hurricane Katrina. The Toronto Star reported that "Magna Entertainment Corp. is currently providing housing for about 260 evacuees from the New Orleans area at a racetrack training facility in Palm Beach County, Florida and will move them to a new community in November. Auto-parts giant Magna International Inc. and MEC are scouting for about in an area of Baton Rouge in Louisiana to set up trailers and infrastructure. "We would like to build a small community where we would try to be sponsors for the next five to seven years", Stronach said in an interview with The Star Further details were announced on 6 October 2005 and that the new development would be officially known as Magnaville. Later the name Canadaville was adopted.
  • 2004
    Age 71
    He subsequently established Adena Springs Farms which owns horse breeding farms in Kentucky, Florida and Canada and won the Eclipse Award for Outstanding Breeder in 2004, 2005 and 2006.
    More Details Hide Details Stronach was a candidate of the Liberal Party of Canada in the 1988 federal election for the riding of York—Simcoe, but was defeated by the Progressive Conservative John Cole. Magna International has also been noted for its connections to the Ontario PC Party and the Ontario Liberal Party. These connections were most famously exhibited when Progressive Conservative Premier Ernie Eves and Finance Minister Janet Ecker delivered the 2003 Ontario budget from a Magna plant. This led to accusations that the government was violating centuries of parliamentary tradition, and is generally believed to have had a negative impact on the Progressive Conservatives in the next provincial election.
  • 2000
    Age 67
    In 2000, he won the Eclipse Award for Outstanding Breeder.
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  • 1998
    Age 65
    In the United States, he earned the Eclipse Award for Outstanding Owner in 1998, 1999, and 2000.
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  • 1994
    Age 61
    His horses have won the Queen's Plate in 1994 and 1997, the Belmont Stakes in 1997, and the Preakness Stakes in 2000.
    More Details Hide Details His horse Ghostzapper won several major races including the 2004 Breeders' Cup Classic, was voted the Eclipse Award for Horse of the Year, and named the World's Top Ranked Horse for 2004. In Canada, Stronach and/or his Stronach Stables has won the Sovereign Award for Outstanding Owner nine times.
  • FORTIES
  • 1980
    Age 47
    Stronach is the owner of Stronach Group which specializes in horse-racing entertainment and owns and operates some of the most prominent racetracks in the United States. Among his early successes was his partnership with Nelson Bunker Hunt in the filly Glorious Song who was voted the 1980 Sovereign Award for Canadian Horse of the Year.
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  • THIRTIES
  • 1969
    Age 36
    In 1969, his firm acquired its first automotive parts contract and merged with Magna Electronics.
    More Details Hide Details In 1973, the name was converted from Multimatic Investments Ltd to Magna International Ltd. Over the following decades, after several mergers and acquisitions, his business gradually became the major force it is today. Stronach, who is currently the non-executive chairman of Magna International, holds multiple-voting shares of the company, which gives him majority voting power over issues brought to shareholder vote. Although he controls the voting power among Magna's shareholders, Stronach owns only 4% of Magna's equity. His pay packages over the past few years have been between $30 and 50 million CAD. In 1986, Stronach founded Magna Europa, with headquarters in Oberwaltersdorf, Lower Austria. He started to become a notable figure also in the Austrian public in the late 1990s. In 1997, he announced the project to build an amusement park in Ebreichsdorf, which would have included a giant globe representing the earth that would have been 110 m high and visible from every point in the Viennese Basin. The project failed due to several public opposition.
  • TWENTIES
  • 1956
    Age 23
    In 1956, Stronach started his first business, Multimatic Investments Ltd., in the old manufacturing district of Toronto.
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  • 1954
    Age 21
    In 1954, he arrived in Montreal, Quebec, and later moved to Ontario.
    More Details Hide Details He married Elfriede Sallmutter, a fellow Austrian. They have two children: Belinda Stronach, a former Liberal (and previously Conservative) MP and former CEO of Magna, and Andrew Stronach, who is involved in thoroughbred horse racing, via the Adena Springs Farms breeding operations. He divides his time between Oberwaltersdorf, Austria and Aurora, Ontario.
  • CHILDHOOD
  • 1932
    Born
    Born on September 6, 1932.
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