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. Last Updated: 07/27/2016

Sources: Deripaska Buys 5% of GM

Oleg Deripaska, owner of automaker GAZ, has bought a stake in General Motors of about 5 percent, Vedomosti on Tuesday quoted sources close to Deripaska as saying.

The sources said Deripaska bought the shares on the open market, that the stake was under 5 percent and that he had no intention of increasing his stake, the newspaper added.

A spokesman for Deripaska, the country's second-richest man with a fortune estimated by Forbes magazine at $16.8 billion, declined to comment on the report.

A 5 percent stake in GM at Monday's closing price of $32.45 per share would have cost Deripaska around $900 million. Five percent is the level at which Deripaska would have to declare the stake, the newspaper said.

Deripaska's Basic Element agreed in May to invest $1.54 billion in Canadian auto-parts supplier Magna. His business group has denied being interested in the Jaguar and Land Rover brands put up for sale by Ford.