Russia Inc.: Is Canada Ready?

Russia Inc.'s murky lineage hardly matters any more. The Russians aren't just coming any more. They're here. Meet Russia's oligarchs: Some ruthless. Some exiled. All filthy rich London: Where the billionaires come to roost Enter stage left: 39-year-old oligarch Oleg Deripaska, who this week bought a $1.54-billion (U.S.) piece of car parts giant Magna International Inc. and its dream of acquiring DaimlerChrysler's U.S. operations. Canadians got their first glimpse of Mr. Deripaska when Magna chairman Frank Stronach introduced the nuclear physicist turned automobiles-to-aluminum tycoon to North Americans at the company's annual meeting in Toronto on Thursday. The deal makes a lot of sense for both men. Mr. Deripaska, whose empire includes Russia's No. 2 auto maker and UC Rusal, the world's leading aluminum producer, needs foreign technology to build his Russian auto-making company and diversify geographically. Mr. Stronach, 74, needs capital and a global strategy if he is to avoid Chrysler becoming a quagmire. But the deal is equally important to Mr. Putin, who has made no secret of his desire to see his champion companies step confidently out on to the world stage. The Magna investment is part of a multibillion-dollar buying binge by Russia Inc. in Canada, the United States and Europe. Russian companies have bought steel makers, alumina and platinum mines, construction companies and gas pipelines. OAO Lukoil operates more than 2,000 gas stations, from Maine to Virginia. And OAO Gazprom wants to invest in liquefied natural gas projects in Canada and the U.S. to help create export markets for trapped resources. http://www.theglobeandmail.com:80/servlet/story/RTGAM.20070512.wxrcover-russia12/BNStory/Business/columnists [Proofreader's note: this article was edited for spelling and typos on May 14, 2007]

Note: http://www.theglobeandm...