A German magazine reported that Russian tycoon Oleg Deripaska was buying up shares in General Motors Corporation (GM) but his investment firms states that was incorrect.
Manager Magazine said in an article to be published on Saturday that Mr. Deripaska had acquired a stake of "several percent" and intended to increase it.
Mr. Deripaska is Russia's sixth-richest man and recently engineered a deal that merged his company, Rusal, with a Russian rival, Sual into the world's leading aluminium and alumina producer. The third facet of the merger included Glencore International, the Swiss natural resources group.
The deal should be completed by April 1 2007.
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