Russia's Richest Man To Hold Talks With GM About Purchase Of Hummer - Guardian

[hatrack]

Russia's richest man, Oleg Deripaska, has held talks with General Motors about buying Hummer, the brand of gas-guzzling cars modelled on the US army's heavily armoured Humvee combat vehicles. The billionaire oligarch has had "exploratory" contact with GM although any deal is some way of, sources close to the negotiations told Reuters.

Hummer's future has been in the balance since early June when GM announced a strategic review of the business and called in Citigroup to advise on financial options. Sales of the vehicles have plummeted by 40% in the US this year.

Deripaska, who is worth an estimated $28bn, made his fortune in aluminium but recently delved into the motor industry by purchasing a stake in Canadian car parts manufacturer Magna International. He is thought to be keen on getting Magna involved in making Hummers.

A GM spokeswoman declined to comment on the discussions, saying only: "We are working through the process of a strategic review of Hummer."

EDIT

http://www.guardian.co.uk/business/2008/aug/14/generalmotors.automotive

[jeff30997]

1. If that mobster wants protection he should buy this baby instead:

M1 Abrams tank.


Who is Oleg Deripaska?

"Deripaska accumulated a business empire through ruthless, although technically legal, takeover raids after the collapse of the Soviet Union in 1991"

"The Times of London reported that once when he returned home, his enemies were waiting for him with a grenade launcher. He dodged them."

"In 2003, Russian media speculated that Deripaska would soon be under criminal investigation for his business practices.

However, he has developed a relationship with Russian president Vladimir Putin and is a grandson to late president Boris Yeltsin by marriage.

Last year, the U.S. state department revoked permission for Deripaska to enter the United States after he obtained a visa in 2005."

"he originally received the visa so FBI agents could interview him about several individuals including former partner Mikhail Cherney, an alleged Russian organized crime figure."

http://www.thestar.com/Business/article/212802


See? The guy needs more than a Hummer. :)