| 2008-10-10 15:59 Paris Hilton is busy with two new projects |
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Paris Hilton is in the UK on a reality TV quest for a British best friend. 
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Oleg Deripaska becomes Canadian Magna partner · 2007-05-11 15:39
Basic Element is to co-own the world’s largest auto parts producer, Canadian Magna International, a strategic partner of the Russian AvtoVAZ car maker. Oleg Deripaska’s holding will have to pay $1.54 billion to manage Magna on a parity basis with its founder.
The parties have announced a strategy of aggressive expansion in Russia. Russian analysts believe, meanwhile, that Magna is looking for ways to fund a bid to buy struggling U.S. automaker Chrysler Group.
The deal, which must be approved by shareholders and regulators, would give Basic Element chief Oleg Deripaska and Magna founder Frank Stronach joint control of the diversified auto supplier through a new holding company. Mr. Deripaska also owns Russia’s second-biggest automaker, GAZ, through which Magna has a joint venture to produce car parts.
Under the agreement, Russian Machines, a subsidiary of Basic Element beneficially held by Oleg Deripaska, will buy 20 million newly issued Class A shares of Magna at $76.83 per share. The deal could be a step toward Russian Machines buying out the largest domestic carmaker AvtoVAZ. Magna and AvtoVAZ have an existing arrangement to produce nozzles. Russian Machines’ Strategy and Development Director Alexander Filatov told Kommersant his company may decide to buy AvtoVAZ if “a decision to develop the passenger cars is made.”
“This proposed alliance with Basic Element and its respected founder and chairman, Oleg Deripaska, is an exciting opportunity for Magna,” Frank Stronach said in the statement Thursday. “Our partnership will accelerate Magna’s growth in Russia and surrounding countries, markets that we see as holding significant opportunities for us.”
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