UK: Two bidders competing for Aston Martin stake - reports
Reports suggest that Kuwaiti investment group Investment Dar, which brought Aston Martin from Ford in 2007, is now looking to sell a 50% stake in the UK-based luxury sports car firm Aston Martin (perhaps best known as the car of choice for fictional British secret agent James Bond). A sale to Investindustrial was close to agreement last week, before M&M stepped in with a higher offer, according to reports. Investment Dar is seeking to reduce its debt with the proceeds, reports suggest, and is also keen to address questions surrounding future model development and funding.
A source quoted by Reuters said that Investindustrial had bid between GBP200m and GBP250m for the stake, and sees its proposal as technically superior, including a technical partnership deal with Mercedes-Benz.
However, the apparent interest of India-based M&M – a specialist maker of utility vehicles – raises memories of Tata's acquisition of Jaguar Land Rover from Ford, which M&M was also interested in acquiring at the time. Acquiring Aston Martin would give the ambitious group a globally recognised premium automotive brand. Some analysts say, however, that an Aston Martin bid from M&M may be something of a 'vanity project', with few obvious industrial synergies or overlaps between the two companies present.
Daimler is reportedly in early talks with Aston Martin over a supply arrangement to Aston Martin that is thought to involve Mercedes engines....
Tesla has named Aston Martin's vehicle engineering head, Chris Porritt, as its new vice president of vehicle engineering....
Aston Martin has confirmed that the Investindustrial partnership previously announced in December 2012 has been completed....
Toyota Kirloskar Motor has announced the signing of a Memorandum of Understanding (MoU) with Mahindra & Mahindra Financial Services to extend auto retail finance to its prospective customers....
BMW is to start assembling its Mini Countryman at its plant in Chennai, India, later this year....
Aston Martin Holdings has reported 2012 final quarter revenue up 20% over the same period in 2011 and a full year adjusted EBITDA of GBP69.3m (US$106.51) on sales of 3,800 vehicles....
- ANALYSIS: Will the XE work for Jaguar?
- ANALYSIS: Autonomous cars and interior design
- Williams CEO eyes consultancy business expansion
- VEHICLE ANALYSIS: Celerio and Suzuki's future cars
- THE WEEK THAT WAS: Driving for fun...
- Takata recall widens to 33.8m vehicles in US
- INDIA: Renault reveals US$5,000 Kwid global small
- VW autonomous braking slashes insurance claims
- Marchionne warns of NHTSA action costs results
- THAILAND/AUSTRALIA: Details of next Toyota Hilux