Ferrari Mailing List: Aston Martin sold (OT)

[Dennis Liu (bigheaddennis]

The good news is that at least Ford did not sell it to LVMH, as was rumored
months ago - can you imagine the French owning Aston?  And Dave Richards
being in charge - well, at least there is a "car guy" at the top.
Interesting to see how much "Ford" will be built into AM products into the
future (i.e., how much Aston products will look like Jaguars, and shared
platforms, drivetrains, and fiddly bits and switches).  Wonder if increases
the chances that we'll see an Aston Martin F1 team in the next 3-4 years,
especially since Kuwaiti financial firms are backers and must be envy-laden,
looking on at the F1 activities in Bahrain and other gulf states.

Vty,

--Dennis


Group, Ford announce Aston Martin deal
$848 million raised from brand's sale to help in Ford's turnaround

DETROIT - Cash-strapped Ford Motor Co. has sold a controlling stake in the
Aston Martin brand, made famous by its exotic sports cars in James Bond
movies, raising $848 million to help fund its turnaround plan.

Aston Martin now will be run by a consortium of investors, including racing
mogul David Richards, John Sinders and Kuwaiti firms of Investment Dar and
Adeem Investment Co.

Ford officials announced the sale Monday at Aston Martin's headquarters in
Gaydon, England. The sale is expected to close in the second quarter.

Ford will retain a $77 million stake in the company. That values all of
Aston Martin at $925 million.

Dearborn-based Ford, which lost $12.7 billion last year and expects losses
to continue until 2009, put Aston Martin up for sale last August.

Ford Chief Executive Alan Mulally said the sale supports the company's
turnaround plan, which involves cutting factory capacity and rolling out new
cars and trucks at a faster pace.

"From Aston Martin's point of view, the sale will provide access to
additional capital, which will allow Aston Martin to continue the growth it
has experienced under Ford's stewardship," Mulally said in a statement.

Richards is founder and chairman of Prodrive, a racing and automotive
technology company with long-standing ties to Aston Martin. Sinders is an
Aston Martin collector and racing backer, while Investment Dar and Adeem
Investment are international companies based in Kuwait, Ford said.