Instead, Mr. Stronach will launch the companies as private limited partnerships, Mr. Pilmer said.
Mr. Stronach, chairman of each proposed company, has owned and raced thoroughbreds since 1962.
Stronach has so far managed to keep the union out with cash and stock.
He has given Ms Stronach the task of helping to implement the inquiry's recommendations.
Expanding rapidly in the 1970s and 1980s with debt-financed plants, Stronach started to dabble in outside ventures.
Since Stronach, a poised and regal 66-year-old, doesn't play much golf himself, the explanation has the ring of truth.
Nor has Stronach been shy about using Magna money to indulge his fancies.
Despite all the sideline activity, Stronach has no intention of easing himself out of the day-to-day affairs of the automotive company.
It was founded by Austrian emigre Frank Stronach, who arrived in Canada in 1954 with only the dollars in his pocket.
Frank Stronach, owner of Adena Springs, also owns Gulfstream Park, which has created its own Thoroughbred retirement and retraining program.
Tired of haggling with bankers, Stronach vowed to get out of debt.
With his fiercely capitalistic ways, Stronach will have some problems absorbing Steyr.
On its eve, Mr Martin pulled off a tactical masterstroke by enticing Belinda Stronach, a glamorous Tory front-bencher, to join the Liberal government.
"We got feedback, and we understand how the market conditions are, " said Mike Pilmer, executive vice president of Stronach Group, which organized the offering.
Austria has strong socialist traditions, and the Steyr people are used to a state-run shop with a guaranteed salary, not Stronach's low salary plus bonus.
Stronach says that by year-end all the nonautomotive interests, including Magna's manufacturing real estate, will be spun off to shareholders in a new, separately traded public company.
All that is a long way from the one-man tool-and-die shop Stronach opened in 1957 in Toronto, where he kept a cot in the corner for sleeping.
But he has already seen to succession: Donald Walker, 42, Stronach's very able former son-in-law and himself a 12-year Magna veteran, is chief executive and the anointed heir.
But Stronach alone can sell complete interiors, exteriors and chassis.
Beyond market conditions, Mr. Stronach's companies ran into U.S. regulations that made it difficult to launch a horse-racing IPO, according to Jack Brothers, chief executive of the six companies.
In handing out incentives, Stronach has not neglected himself.
Mr. Stronach's vision was to launch six public companies, each backing 20 horses and each named after a standout racehorse from the Stronach stables, such as Ghostzapper, the 2004 U.S. Horse of the Year.
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