The owner of Russian carmaker GAZ, billionaire tycoon Oleg Deripaska, has bought a five percent stake in General Motors .
Deripaska is the second richest man in Russia, commanding an estimated fortune of approximately $16.8 billion, and this latest deal is rumored to have cost upwards of $900 million. Sources familiar to the deal have revealed that Deripaska has no intention of increasing the stake and that the five percent level is the point which he’ll have to declare his involvement in the ownership of the US carmaker.
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