The owner of Russian carmaker GAZ, billionaire tycoon Oleg Deripaska, has bought a five percent stake in General Motors according to latest reports from Russian newspaper Vedomosti.

Deripaska is the second richest man in Russia, commanding an estimated fortune of approximately $16.8 billion, and this latest deal is rumored to have cost upwards of $900 million. Sources familiar to the deal have revealed that Deripaska has no intention of increasing the stake and that the five percent level is the point which he'll have to declare his involvement in the ownership of the US carmaker.

In May, Deripaska’s Basic Element Group agreed to invest $1.54 billion in auto parts giant Magna, and there were even rumors that the business group were interested in an acquisition of Jaguar and Land Rover.