They Found Russia’s Billionaire for GM
Oleg Deripaska is buying out the stocks of General Motors (GM), foreign media reported yesterday. Even though spokesmen of Russia’s businessman have refuted the data, GM’s conflict with billionaire Kirk Kerkorian, who is the principal co-holder, may drive down the company’s quotes, making GM very attractive for investing.
Chief of Bazovy Element Holding Oleg Deripaska is eyeing 10 percent in GM, German Manager-Magazin reported yesterday. By hearsay, this Russian billionaire ($7.8 billion according to Forbes) has set to buying the stocks already.
Bazovy Element (BazEl) has refuted the data and analysts also harbor some doubts about its validity. For Oleg Deripaska, it makes no sense to invest in GM, as GAZ Group (controlled by BazEl) has no projects with consortium, said Troika Dialog analyst Gairat Salimov.
It is not for the first time that Deripaska is suspected in acquiring stocks of global carmakers. In August, for instance, Britain’s media reported that the businessman was negotiating the purchase of Jaguar with Ford. But Deripaska hasn’t become the owner of that company.
www.kommersant.com
All the Article in Russian as of Oct. 20, 2006
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