01:13:59 EDT Fri 17 May 2024
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Linamar Corp
Symbol LNR
Shares Issued 61,528,157
Close 2023-05-17 C$ 65.09
Market Cap C$ 4,004,867,739
Recent Sedar Documents

Globe says Magna, rivals watch handout spat play out

2023-05-18 08:48 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Thursday, May 18, edition that the federal and Ontario governments are haggling over who should pay what to keep automaker Stellantis from moving its partly-constructed battery plant elsewhere. The Globe's Campbell Clark writes that neither government has given much thought about how much money such plants are really worth to their constituents. Stellantis and its South Korean partner, LG Energy Solution, are now demanding billions more. He is not disappointed because Stellantis has stopped construction and threatened to move elsewhere. The Globe says Ontario Premier Doug Ford is disappointed because Ottawa is not coughing up extra money. Mr. Ford argues that when you get into massive subsidy competition with the United States, Ottawa should pay. The math justifying the massive sums that governments are paying for electric-vehicle battery plants is already so vague as to be imaginary. Now Mr. Ford is applying an imaginary constitutional principle to assert that fighting gargantuan subsidy wars is federal jurisdiction. The feds have retorted that Ontario should be paying its "fair share." Mr. Campbell believes that at the end of day, one or both will pony up.

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