Aston Martin’s controlling shareholder, Investment Dar Co., has approached potential buyers for the iconic British brand, according to Bloomberg.
Bloomberg quoted five people with knowledge of the matter, with one of them saying the Kuwaiti company has hired Rothschild to advise on the sale. Investment Dar, which owns 64 percent of Aston Martin, has approached a few potential suitors, including Indian automaker Mahindra & Mahindra.
So far investors haven’t been willing to match the price Investment Dar paid Ford Motor Company five years ago, two of the unnamed sources told Bloomberg. The Kuwaiti owner wants about $800 million for its stake.
Investment Dar bought Aston Martin for 503 million pounds ($805 million) in 2007. Now the Kuwaiti fund wants to sell Aston Martin as the proceeds would help the company pay off its debt. A new owner may help Aston Martin develop cars that can challenge VW’s Bentley and Fiat’s Ferrari.
A representative at Investment Dar who asked not to be named denied the company is seeking to sell Aston Martin. Janette Green, director of brand communications at Aston Martin, also said Investment Dar isn’t considering a sale. Mahindra spokeswoman Roma Balwani. Roma Balwani, a Mahindra spokeswoman in Mumbai, declined to comment on speculation.