Aston owner won't stir on talk of deal shake-up
The owner of Aston Martin, Kuwait-based Investment Dar, denied reports yesterday that it had received competing bids for a 50pc stake in the luxury British car brand made famous by fictional spy James Bond.
Italian private equity fund Investindustrial was widely reported to have made a £250m (€310m) bid for Aston Martin. India's Mahindra & Mahindra is understood to have made a higher offer.
But in an interview with Kuwait's 'Al Watan' newspaper, Investment Dar chairman Adnan al-Musallam denied the story.
The current owners bought the business from Ford five years ago to expand into Asia. While Asian sales have risen, sales in the UK and North America have been badly affected by the financial crisis and a failure to develop new products capable of competing with Ferrari and Porsche.
Reuters reported that Investindustrial reached a agreement on Thursday but Mahindra made a higher offer on Friday, leaving the fate of the 98-year old icon of British motor engineering hanging in the balance.