Mahindra ahead in Aston Martin race
London, November 28, 2012
India's Mahindra & Mahindra group, the world's biggest tractor manufacturer, is the frontrunner in a bidding war to buy a large stake in flashy British sportscar maker Aston Martin, which is owned by Kuwait-based finance firm Investment Dar, a report said.
Mahindra & Mahindra is likely to pick up a 40 per cent stake in the British manufacturer, whose vehicles feature regularly in James Bond movies, for about $190-320 million, The Economic Times reported.
The newspaper said Mahindra, which makes jeeps along with tractors, is set to pip the other serious bidder, Italian group Investindustrial which owns a stake in motorbike maker Ducati.
"Discussions are still fluid. We are expecting the deal to get closed this week," the report said, quoting an official.
If Mahindra succeeds, it would be second time an Indian company has snapped up a famous name in British motoring in recent years. Tata Motors bought Jaguar and Land Rover from Ford Motor in 2008 for $2.3 billion and has overseen a revival in the group's fortunes on the back of strong sales in Asia.
After an initial acquisition of 40 per cent, Mahindra is looking at raising its stake to 50 per cent,in Aston Martin over the next four years.-Reuters
More INTERNATIONAL NEWS Stories
- 3 more Swiss banks join US tax deal
- US, Britain suspend aid to Northern Syria
- Iran to set date for IAEA visit to uranium mine
- Gulf leaders urged to launch Syria aid fund
- Iran, six powers meet on steps to carry out nuclear deal
- US exits GM stake in $10bn loss for taxpayers
- World leaders gather for Mandela memorial
- Tearful Thai PM urges protesters to take part in polls
- Chinese 'spied on Europeans before G20 summit'
- Bitter cold, ice grip US East Coast