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Aston Martin stake up for sale

2008-12-16 08:29
An investment firm owning 50% of sports car maker Aston Martin has plans to sell up to 20% of its stake in the British firm.

Investment Dar, which bought half of Aston Martin in 2007, is also seeking to borrow up to $1 billion to refinance debt.

"We have offers ... we are in talks but the (sale) should be value-added whether financially or technically. We are not considering selling and exiting," executive vice-president Amr Abou El-Seoud told Reuters.

"There is a 60 to 70 percent chance that we will reach a deal soon."

Fictional secret agent James Bond's car manufacturer of choice, Aston Martin announced earlier this month that it would cut up to 600 jobs in Britain as car sales continued to be affected by the downturn in the global economy.

In 2007, Aston Martin was bought from Ford by a consortium including Prodrive's David Richards and Investment Dar.

 
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