Report: Russian aluminum tycoon Deripaska buys about 5 percent of GM

Russian aluminum billionaire Oleg Deripaska has acquired a stake of around 5 percent in General Motors Corp., the Vedomosti business daily reported Tuesday, citing people within the Basic Element holding company that manages the tycoon's assets. The Basic Element press department declined to comment on the report. One source cited by the newspaper said Deripaska had acquired about 5 percent of GM at the end of last year. Another said the stake was less than 5 percent, and noted that Deripaska has no plans to increase it. He also denied speculation that Deripaska bought the shares from billionaire Kirk Kerkorian's Tracinda company, which sold 10 percent of the company at the end of last year. As well as controlling UC Russian Aluminum, the world's biggest aluminum maker, Deripaska owns OAO Gaz Group, Russia's second-largest carmaker in terms of output. In July last year he purchased Britain-based LDV Vans, and in May 2007 acquired a large minority stake in the Canadian auto group Magna International. In Russia, GM operates through its joint venture with OAO AvtoVAZ, the country's largest car maker, and at the Avtotor plant in Kaliningrad. It is building a new plant in St. Petersburg, where assembly is expected to begin in November 2008. GM spokeswoman Renee Rashid-Merem said the company doesn't comment on shareholder issues.