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. Last Updated: 07/27/2016

Deripaska Not Seeking Magna Buy

VIENNA -- Basic Element, the holding company of billionaire Oleg Deripaska, on Friday denied a report it was in talks to buy a stake in Canadian car-parts maker Magna International from founder Frank Stronach.

Austrian daily Oesterreich had reported that Deripaska, owner of carmaker GAZ, was among investors considering the stake, and that his talks were the "most concrete," citing unidentified "insiders."

But Basic Element, the holding company for Deripaska's assets, said it was not holding such talks.

"With Magna we are cooperating exclusively on a production level," press secretary Vadim Bely said in a written reply to questions. "At the end of 2006, together with GAZ, a joint venture was created to construct an automobile component business in Nizhny Novgorod."

Magna International Europe spokesman Daniel Witzani declined to comment on what he called rumors.

GAZ spokesman Vladimir Torin neither confirmed nor denied the report, saying Magna was among the companies GAZ talked to about production cooperation.

Stronach grew up in Austria and emigrated in the 1950s to Canada, where he built the firm that later became Magna. His family trust owns 66 percent of the vote-wielding Class B shares in Magna.

Magna, which also has facilities in Austria, formed a venture with GAZ last year to make plastic car parts and is discussing joint projects with AvtoVAZ.