California Autos Examiner

Wednesday, August 13, 2008

GM in Talks to Sell Hummer Brand to Russia's Richest Man?

Update: Apparently there is no merit to this story (not that any of my posts have merit, but this one has less than usual.)

This is breaking news and right now I don't have time to research it. However, Reuters is reporting that GM may have had exploratory talks with Russian oligarch Oleg Deripaska on the possible sale of Hummer. Since Deripaska acquired twenty percent of Canada's automotive supplier Magna International, he may try to use Magna to manufacture Hummers should he acquire the brand. Deripaska has been a bit of a tire kicker, having looked at acquiring Chrysler, Land Rover and Jaguar.

There could be complications, however, because last year Deripaska has his U.S. visa revoked due to concerns he has links to organized crime. I hate it when that happens. Deripaska has denied any links to criminal organizations.

I'll definitely have more updates to this story!

source: Business Feed Article Business

photo source: wikipedia

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