21:14:27 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 402,264,201
Close 2016-02-02 C$ 47.54
Market Cap C$ 19,123,640,116
Recent Sedar Documents

Globe says Magna, rivals seek protection in China deal

2016-02-03 06:48 ET - In the News

Also In the News (C-GMM) General Motors Company
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Also In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Wednesday, Feb. 3, edition that Canada's auto parts makers want Ottawa to extract guarantees from Beijing that would protect this country's vehicle manufacturing sector before embarking on free-trade talks with China. The Globe's Steven Chase writes that Canadian auto jobs risk being sideswiped under the free-trade agreement. The agreement would allow Chinese state-owned auto firms to make major inroads into Canada's domestic market for cars and vehicle parts. China has already gone public with conditions it expects from Canada to negotiate a trade deal, including the removal of a ban on Chinese state-owned firms investing in the oil sands that was put in place by the former Tory government. Canada's Auto Parts Manufacturers' Association has written International Trade Minister Chrystia Freeland saying Ottawa should likewise lay down its own conditions and ask Beijing for clear pledges to set up auto assembly in this country as a precursor to a deal. Association president Flavio Volpe says, "Canada must make sure to acquire its fair share of [Chinese auto-manufacturing work] as a comparable benefit for granting access to Canada's natural wealth."

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