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Russian car maker buys share in GM
07 August 2007
Five per cent may not sound like much, but the investment made by Russian billionaire Oleg Deripaska confirms that his car manufacturer GAZ will not buy Jaguar and Land Rover.
With that share in GM estimated to be worth around £446 million, it's the Russian company's first big move into the global manufacturing market.
Currently auto maker GAZ produces cheap cars for the masses, but it plans to alter that image by producing more premium models.
As well as the new share in GM, GAZ's other interests include the intellectual and tooling rights to the pre-2006 generation Chrysler Sebring, and a £745 million stake in Canadian auto firm Magna.
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