Frank Stronach News
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Austria’s ex-finance minister released his tax returns after published documents showed that he used at least six offshore accounts, including three listed in Cyprus, to manage his businesses.
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Austria’s ruling coalition parties each won elections in two provinces, while candidates representing billionaire Frank Stronach’s group appeared likely to enter regional parliaments.
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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.
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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.
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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.
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Magna International Inc. shareholders who opposed ending the dual-class share structure of Canada’s largest auto-parts maker lost a court appeal of the decision.
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The Ontario Securities Commission, Canada’s main stock market regulator, plans to rule today on a challenge to Magna International Inc. ’s proposal to end founder Frank Stronach’s control of the company.
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The creditors’ committee for Extended Stay Inc. asked the bankruptcy judge on April 23 for permission to bring lawsuits, which the examiner said may have merit.
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Magna International Inc. ’s plan to end founder Frank Stronach’s control of the largest North American auto-parts maker is unfair to stockholders and should be stopped before a vote, the Ontario Securities Commission said.
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Magna International Inc., Canada’s largest auto-parts maker, will eliminate its dual-class structure and end founder Frank Stronach’s control of the company after shareholders approved a reorganization plan.
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