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Magna International Inc
Symbol MG
Shares Issued 232,897,480
Close 2013-04-26 C$ 60.34
Market Cap C$ 14,053,033,943
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Globe/wire say Magna founder's party a loser in Tyrol

2013-04-29 07:38 ET - In the News

The Globe and Mail reports in its Monday, April 29, edition that Magna International founder and former boss Frank Stronach's Team Stronach for Austria political party fared poorly in a recent state election there thanks to infighting within party ranks. A Reuters dispatch to The Globe reports that Mr. Stronach founded the political party Team Stronach for Austria in 2012. Mr. Stronach is a skeptic of the European Union and has called the euro a "monstrosity." Mr. Stronach's new party failed to clear the minimum vote hurdle, halting its momentum from the two previous state elections at which it won 10 per cent. Team Stronach for Austria national parliamentary leader Robert Lugar blamed party infighting for the poor showing in Tyrol, saying, "We will do better in the national elections." Partners in the federal coalition -- the conservative People's Party and centre-left Social Democrats -- slipped to their worst postwar results in the state, but still finished first and second in a fragmented field of 11 parties. The People's Party fell below 40 per cent but still took first place in Tyrol where it has long dominated.

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