Frank Stronach has taken many risks in the 55 years since he washed dishes for a living after his arrival in Canada from his native Austria. But none is on the scale of his bid for General Motors’ European division.

Magna International, the automotive parts maker that grew out of the small tool and die business Mr Stronach set up in Toronto in the late 1950s, has emerged as the leading contender to take over GM Europe, centred on Opel and Vauxhall.