SOURCE: Automotive NewsKuwait buyer of Aston Martin gets $720 million in offers
Reuters / May 7, 2007 - 10:00 am /
KUWAIT (Reuters) -- Kuwait's Investment Dar said it has received offers worth about $720 million for its stake in British luxury carmaker Aston Martin, less than two months after it bought the stake and 50 percent more than it paid.
The Kuwaiti holding company was part of a group fronted by former Benetton and BAR racing boss David Richards that bought Aston Martin from Ford Motor Co. in March for $956 million (479 million pounds).
Investment Dar took a 50 percent stake in the carmaker made famous by James Bond films.
"We are receiving bids daily," Investment Dar Executive Vice President Amr Abou El Seoud said in a statement to Reuters in response to questions. "We're getting bids at a 50 percent profit."
Investment Dar told the Kuwaiti bourse on Saturday, May 5, it had received offers, without disclosing a value.
The company will probably hold onto its stake for at least a year before selling a portion, Seoud said.
"We have a plan and strategy that we would love to see implemented before thinking seriously about selling," Seoud said, without giving details about the plan.
"We are not expected to exit but rather to diversify to seek value-added investors to share with us," he said.
Ford retained a $79.8 million (40 million pounds) investment in Aston Martin.