Austria’s President Heinz Fischer asked Chancellor Werner Faymann to form a new government and supported a continuation of the so-called “grand coalition” that has governed the Alpine republic since 2007.
Austrian conservatives kept the option to form a government with euro-skeptic parties and abandon an alliance with the socialists after voters dealt that coalition an historical blow in yesterday’s national elections.
Austrians may hand the nation’s ruling political coalition its narrowest victory since 1945 as disgruntled voters vent their frustration by backing protest parties supported by a billionaire and a building mogul.
Frank Stronach, the 80-year-old Austrian billionaire who made his fortune selling car parts and running horse-racing tracks, today began a political campaign to rule the Alpine Republic when citizens vote next year.
Magna International Inc. ’s Class A shares rose the most in six months in Toronto after it said stockholders will vote on a plan to end founder Frank Stronach ’s control of the largest North American auto-parts maker.
Magna International Inc.’s founder and director, Frank Stronach, has sold about 16.9 million shares, or $837.9 million, of the company since December, reducing his stake to 1 million shares as he cedes control of North America’s largest auto-parts supplier.