Magna is 0-for-2 when it comes to trying to buy an automaker, now that General Motors has decided to hang on to Opel rather than sell a controlling interest to the giant Canadian supplier and Sberbank, its Russian bank partner.
But some inside the company have another way to look at it: Magna has dodged its own bullet for the second time.
It's no secret that some Magna senior executives were uncomfortable with the Opel acquisition, which sources say was the brainchild of Magna founder Frank Stronach. Internal skeptics worried that it would mean competing with its automaker customers. So a sigh of relief could be heard last week from portions of the company's Aurora, Ontario, headquarters.
Some outsiders seemed to approve, too. JPMorgan Chase analyst Himanshu Patel said the impact on Magna shares ought to be positive, "given the degree in which the stock has appeared to have been weighed down by investor aversion to the Opel transaction."
The first unsuccessful attempt: Magna sidestepped a self-directed salvo in the summer of 2007 when it failed in its pursuit of Chrysler.