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. Last Updated: 07/27/2016

Deripaska Denies Buying GM Stock

Metals mogul Oleg Deripaska denied Thursday a report in a German magazine that he had acquired a stake in U.S. carmaker General Motors and aimed to build it up to at least 10 percent.

"This is not true," said Georgy Oganyov, Deripaska's right-hand man and deputy general director of Basic Element. "We don't comment on such idiotism," he added.

A spokesman for General Motors Europe referred all questions to its U.S. headquarters, where no one was immediately available.

Manager Magazin, without citing a source, reported that Deripaska had acquired several percent of GM "and appears to be aiming for cooperation with GM in order to gain access to the Asian market among other things."

GM this month failed to strike a deal on forming a three-way alliance with France's Renault and Japan's Nissan Motor. That triggered a falling-out with billionaire investor Kirk Kerkorian, who shelved plans to raise his GM stake to 9.5 percent.

(Reuters, MT)