Ford Motor Company is selling British luxury carmaker Aston Martin to a group fronted by former Benetton and Bar motor-racing boss David Richards in a deal worth £479 million (€701.8 million).
The second-biggest US carmaker said yesterday it would retain a $77 million (€58.4 million) investment in Aston Martin, the carmaker made famous by the James Bond spy films, and that it expected the deal to close during the second quarter of this year.
Kuwait's Investment Dar and Adeem Investment are partners in the purchase with Prodrive, a motor-sport and engineering group led by Mr Richards which has a team place for the 2008 Formula One championship.
Ford said in August it was considering the sale of Aston Martin to free up funds to invest in its other brands amid a sharp downturn in sales.
The US group posted the biggest loss in its 103-year history in 2006, falling $12.7 billion into the red, as high fuel prices and interest rates drove consumers away from the trucks and sport utility vehicles that had accounted for most of its sales and profits.
Ford is in the early stages of a four-year turnaround plan that includes closing 16 plants and cutting up to 45,000 jobs. - ( Reuters )
