Vienna - Russian billionaire Oleg Deripaska has given up his shares in the Canadian car assembly firm Magna International Inc. after a creditor took over his 18-per-cent stake, the company announced Friday.

In September 2007, Deripaska's firm OJSC Russian Machines acquired 20 million shares for 1.54 million dollars (1.11 million euros) from Magna, which has its European headquarters near Vienna.

"We believe that the Russian market still holds significant opportunities for us and intend to continue to pursue joint opportunities with Russian Machines and GAZ, as well as other opportunities to advance our position in Russia," Magna co-CEO Siegfried Wolf said in a statement.

Russia's second largest car maker GAZ Group, also part of Russian Machines, will continue to cooperate with Magna in the production of the Volga Siber model, a Magna spokesperson said.

The spokesperson did not say which lender took over the Russian oligarch's shares.

With an estimated wealth of 28.6 billion dollars (20.7 billion euros), aluminium king Deripaska was named Russia's richest man this year by the Forbes Russia magazine.

Magna employs 82,000 people in 23 countries, making parts and assembling vehicles for the world's major car companies. (dpa)