Magna Founder Stronach Seeks Austrian Presidency

Frank Stronach, founder and honorary chairman of Canada's Magna International Inc., has launched a campaign to become Austria's next president. Elections will be held by autumn 2013.

The Austrian native, age 80, emigrated to Canada in 1954. Stronach returned to his homeland recently after stepping down as Magna's chairman last year.

He is running as the candidate of the Team Stronach Party. Stronach says the party's formation will "go down in the history of Austria and also in the history of the world."

The billionaire opposes the euro and favors lower taxes and a balanced budget. Polls show Stronach has the support of as many as 12% of Austrian voters.

This isn't Stronach's first foray into politics. In 1988 he ran an unsuccessful campaign for a seat in Canada's Parliament under the slogan "Let's Be Frank." He has backed the political career of his daughter Belinda Stronach, who became an influential MP and cabinet minister.