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Deripaska Bought 5% Stake in GM Last Year

Today the Financial Times and other media sources are reporting that Oleg Deripaska acquired close to a 5% stake in General Motors worth more than $900 million last year. Last October, when rumors of this stake first circulated, Deripaska’s company Basic Element issued a denial stating “The information divulged by Manager Magazine suggesting that Oleg Deripaska has acquired General Motors shares does not correspond to reality.” Apparently there are several different realities.