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2012-12-02 06:41

CLIMBING INTO BED WITH MAHINDRA?: Aston Martin claims it is in "advanced" talks with Indian auto-maker Mahindra.

LONDON - British car-maker Aston Martin is in "advanced" talks with Indian auto-maker Mahindra which has topped an offer from Italian private equity fund Investindustrial which is in agreement with Aston's owner, Kuwaiti investment house Investment Dar, sources said.

An Aston Martin spokesperson said: "We are in talks for a capital increase, the company is not for sale, and our existing shareholders, Investment Dar, are very committed to Aston Martin.”

'ADVANCED STAGE'

The company confirmed that Aston Martin's third-quarter presentation to bondholders, published on Nov 28 2012, described the talks as being "at an advanced stage".

The Indian group hopes to strike a deal to buy up to half of Aston Martin by the end of the week, sources said on November 27 2012, adding that the deal would likely be for an initial 40% stake that could rise to 50% for a total price equivalent of about R3.5-billion.

Investment Dar has consistently denied it is in talks to sell all or part of its stake in Aston Martin.


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