Updated: The owner of the GAZ car group, Russian Machines, has released a statement denying claims that it’s interested in acquiring Land Rover and Jaguar.

Original: The latest bidder reported to be interested in the Land Rover and Jaguar brands is Russia’s GAZ Group, a carmaker under the guidance of billionaire tycoon Oleg Deripaska. According to sources close to the deal, Deripaska is also interested in bidding for Volvo as part of his conglomerate’s plans to grow through mergers and acquisitions, reports Germany’s WirtschaftsWoche newspaper.

Another firm owned by Deripaska, investment group Basic Element, agreed back in May to invest more than $1.54 billion in Canadian auto parts supplier Magna International, while Deripaska himself was reported to be interested in Jaguar as far back as August last year.

A spokesperson for GAZ has declined to comment on the latest reports, and something tells us this won’t be the last we hear about potential bidders for the Ford Premier Auto Group labels.