When Frank Stronach, the Austrian-born Canadian auto parts titan, scooped up GM’s European Opel division, few noticed that he was leaving a Canadian-raised Italian auto empire-builder in his dust. But Fiat Chief Executive Sergio Marchionne, who grew up in Toronto and still regularly visits his family there, was also in the hunt for Opel. Marchionne had already taken control of Chrysler. Now, he is reportedly mulling a merger with France’s PSA Peugeot Citroën. Or Germany’s BMW. Or Sweden’s Saab. This story surveys his many strategic options for expanding his horizons.