Kuwaiti investment firm eyes Aston Martin stake

DUBAI - Investment Dar, Kuwait’s largest diversified holding company by market value, is in talks to buy a stake in Aston Martin, the iconic British carmaker made famous by the James Bond spy movies, officials at the Kuwaiti company said on Sunday.

By (Reuters)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 11 Mar 2007, 4:43 PM

Last updated: Sat 4 Apr 2015, 10:48 PM

Kuwait’s Al Qabas newspaper reported Investment Dar is leading a group of companies to buy a 15-20 percent stake in the Ford Motor Co. unit for about 400 million pounds ($772.6 million).

Asked if the story was true, one of the officials at Investment Dar, who declined to be identified, said: ‘Yes, but right now I have no information available to deliver to you. We have to wait until tomorrow, then we can discuss it.’

Adnan Al Mussallam, Investment Dar’s chairman who is in London, could not immediately be reached for comment.

The company expects to reach agreement on the purchase this week, Al Qabas said, citing unidentified people familiar with the talks.

Ford, which lost $12.7 billion last year, said it plans to sell all or part of Aston Martin to raise funds for other businesses. Aston Martin sales rose by half last year to about 6,500 units, a Ford official said in January.

Trading in shares of Investment Dar was halted in Kuwait ‘pending the announcement of an important investment deal,’ the bourse said in a statement on its Web site.

Other bidders for Aston Martin include Dave Richards, head of the performance car specialist Prodrive. He is bidding with Egypt’s Naeem investment bank.

British buyout firm Doughty Hanson and Syrian-born property tycoon Simon Halabi also submitted second-round offers for Aston Martin in an auction being run by investment bank UBS AG, sources familiar with the matter said last month.

More news from