Tuesday, 13 November 2012

Mahindra & Mahindra among firms approached to acquire Aston Martin




Aston Martin’s controlling shareholder, Investment Dar Co., has approached potential buyers for the maker of luxury sports cars featured in James Bond movies, said close sources with knowledge of the matter.

The Kuwaiti company, which owns 64% of Aston Martin, has hired Rothschild to advise on the sale, said one of the people, who asked not to be identified because the talks are private. Mahindra and Mahindra Ltd, the Indian auto maker, is among potential suitors Investment Dar has approached in recent few months.

Investment Dar was part of a consortium fronted by Prodrive’s David Richards that bought Aston from Ford five years ago. Richards became chairman of the famous British sports car maker, which has been led by CEO Ulrich Bez since 2000, after the takeover.

Janette Green, director of brand communications at Aston Martin, said Investment Dar isn’t considering a sale. Requests for comment to Chairman David Richards were referred back to Green. Roma Balwani, a Mahindra spokeswoman in Mumbai, declined to comment on speculation.

The British car maker’s adjusted earnings before interest, taxes, depreciation and amortisation last year fell 18 per cent to £76.2 million, with deliveries steady at about 4,200 vehicles. The company’s factory in Gaydon is adjacent to an engineering facility for Tata Motors’ Jaguar Land Rover.

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