The
takeover threat to OAO GAZ by Siberian Aluminium (Sibal) gained legitimacy November
17, when the automaker’s president Nikolai Pugin met Sibal head Oleg Deripaska,
sources told just-auto.com.

No details were available, but the meeting is believed to be the first face-to-face
exchange between the executives, since rumours of Sibal’s plans to buy GAZ began
in August.

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The metals group had denied any interest in the automaker categorically and
repeatedly – even early last week. But, in an about-face November 15, Sibal
said it held a critical stake of 25% plus one share in GAZ, adding it planned
to acquire "absolute control" of GAZ.

Immediately following Sibal’s disclosure, a source close to the automaker retorted
that the metals group was bluffing – exaggerating its holding to intimidate
GAZ stakeholders to sell their shares in desperation to Sibal. "I am less
convinced of the bluffing theory now," the source said this weekend.

GAZ, whose name in Russian is Gorkovsky Avtomobilny Zavod, is the second-largest
producer of vehicles in the ex-USSR, behind Lada-maker AO AvtoVAZ. Its foreign
partners include European Bank for Reconstruction and Development plus Fiat
Auto SpA. GAZ is based 400km east of Moscow in Nizhny Novgorod, Russia’s third-largest
city (re-named Gorky 1932-1991).

To read recent reports by just-auto.com about GAZ, please follow the links
below:-

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Contact Ryan James Tutak, associate editor of just-auto.com
for Eastern Europe:
E rjt@pronet.hu
F +36-1 / 317-7257
T +36-1 / 266-2693