Russian Hummer?

DETROIT Dec. 30, 2008-

Russia's richest man Oleg Deripaska reportedly has held preliminary talks with General Motors to buy Hummer, sources told Reuters. All of a sudden interest in Hummer has become very high, especially from overseas investors. Deripaska, with heavy interest in the auto industry and ties already with GM, would be a natural to take over the Hummer brand.

Deripaska owns Russian automaker GAZ and purchased a chunk of GM stock about a year ago. In May last year, Deripaska paid $1.54 billion for 20 percent of Canadian auto supplier Magna. It appeared his purchase was tied to Magna's attempt to purchase Chrysler, which Magna lost to Cerberus Capital Management. Deripaska further had been rumored to be interested in buying Jaguar and Land Rover from Ford. Those brands then went to India's Tata Motors.

His personal Hummer H2 is rumored to be his favorite ride among his large stable of vehicles. Most industry observers believe he wants to continue production of the H2 and possibly introduce a diesel European model. Deripaska is shopping for a prestigious vehicle brand. Purchase of the American icon Hummer would do the trick.