Wednesday, February 7, 2007

Aston Martin May Garner $880 Million for Ford

LONDON — The embattled Ford Motor Company is poised to get more than $880 million for Aston Martin, its British trophy brand that is on the auction block.

aston martin vanquishReuters reported on Tuesday that bidders made second-round offers for the British marque, made famous as fictional spy James Bond's favorite conveyance, last week in an auction run by investment bank UBS. The bidders are said to include billionaire investor Nelson Peltz, a graduate of the Wharton School at the University of Pennsylvania best known for the 1997 purchase of beverage maker Snapple. The Financial Times on Tuesday reported that Peltz is one of the lead contenders to buy Aston Martin.

Ford said last year it would sell all or part of Aston Martin to raise funds for other businesses as it undertakes a massive restructuring program in North America. A deal for Aston Martin is expected within the next few months.

© Source: article on insideline

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