MOSCOW (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is in talks to buy a stake in GAZ (GAZA.MM), a Russian manufacturer of light commercial vehicles (LCV), five sources familiar with the talks told Reuters. A Volkswagen logo is pictured at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry RomeroIt was not immediately clear how big a stake is being discussed or the value of the deal. GAZ is a part of the Basic Element group that holds the assets of Russian businessman Oleg Deripaska. Both GAZ and Basic Element declined to comment, while a spokesman at VW headquarters said he does not comment on market speculation. “There are talks, they are trying to reach an agreement. Deripaska has long been looking for a partner and VW does not have a Russian partner,” one well-placed industry source said. Another well-connected car industry source, two financial market sources and another person familiar with the matter also said talks were under way. One of the sources said that a decision on the size of the proposed stake sale has yet to be made. A source close to VW also confirmed that talks were in progress but said the possibility of the German group taking a stake in GAZ is not the only mater under consideration.
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Published Date: Dec 02, 2017 12:15 am | Updated Date: Dec 02, 2017 12:15 am
