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Deripaska Plans Auto Stake Sale to Lift Sanctions

  • Russian billionaire was put under U.S. sanctions in April
  • The talks are said to include ex-Magna chief Siegfried Wolf
Oleg Deripaska
Oleg DeripaskaPhotographer: Simon Dawson/Bloomberg

Russian billionaire Oleg Deripaska is discussing selling part of his automotive business to minority investors, including former Magna International Inc. chief Siegfried Wolf, as part of a plan to end sanctions on the company.

Deripaska is in talks with Wolf, whom he has known for more than a decade, about selling a portion of his stake in Russian Machines Corp., which owns GAZ Group, Russia’s largest commercial carmaker, according to three people familiar with the matter, who asked not to be identified because the talks aren’t public. The talks are ongoing and no decision has been made.