Friday, August 15, 2008
Oleg Deripaska denies Hummer talks with GM
Russian billionaire will not make takeover bid
Oleg Deripaska, the Russian billionaire linked with a bid for Hummer, yesterday denied he was seeking to acquire the brand from General Motors.
Talks with his Russian Machines car unit were only exploratory, according to Reuters, and it is unlikely a bid will be forthcoming.
"Russian Machines neither received any proposals to consider acquisition of the Hummer assets, nor is strategically interested in such a deal," said Russian Machines.
It is understood that if Deripaska were to make a bid he would want to involve Canadian auto parts giant Magna International in production of the vehicles.
GM, which has lost more than $51 billion over three years and is aiming to raise up to $4 billion through asset sales, has hired Citibank to consider options for the gas-guzzling Hummer.
The US carmaker is also believed to have held talks with Indian carmaker Mahindra & Mahindra about a possible deal.
DATED: 15.08.08
FEED: MT
Oleg Deripaska, the Russian billionaire linked with a bid for Hummer, yesterday denied he was seeking to acquire the brand from General Motors.
Talks with his Russian Machines car unit were only exploratory, according to Reuters, and it is unlikely a bid will be forthcoming.
"Russian Machines neither received any proposals to consider acquisition of the Hummer assets, nor is strategically interested in such a deal," said Russian Machines.
It is understood that if Deripaska were to make a bid he would want to involve Canadian auto parts giant Magna International in production of the vehicles.
GM, which has lost more than $51 billion over three years and is aiming to raise up to $4 billion through asset sales, has hired Citibank to consider options for the gas-guzzling Hummer.
The US carmaker is also believed to have held talks with Indian carmaker Mahindra & Mahindra about a possible deal.
DATED: 15.08.08
FEED: MT
