Russia's Richest Man to Buy Hummer from GM?

by Jared Paul Stern (RSS feed)
Aug 18th 2008 at 8:02AM

Oleg Deripaska (right), 40, the richest man in Russia with a fortune of $28 billion and the 9th richest man in world (Luxist fave Roman Abramovich is #15), has reportedly held talks with General Motors about acquiring their beleaguered Hummer division.

As my colleague Deidre Woollard reported last month, Hummer is in financial trouble in the wake of the oil and gas price explosion, with sales of the SUV having tumbled some 40 percent through June. Ailing GM has announced plans to unload the brand, and Deripaska, whose company Russian Machines recently acquired a major stake in Canadian auto parts manufacturer Magna International, is a natural buyer.

In the wake of the reports, Russian Machines issued a statement saying it was "not strategically interested in such a deal", which sounds to us like a non-denial denial. We would hardly expect him to invite counter-offers by publicizing a planned acquisition before the deal is signed. This past New Year's Eve Deripaska paid Barbadian signer Rihanna $500,000 for a private 40 minute performance for his friends.

Tags: General Motors, GeneralMotors, GM, Hummer, Oleg Deripaska, OlegDeripaska, Rihanna, roman abramovich, RomanAbramovich, russian billionaires, RussianBillionaires, SUV