Aston Martin’s acquisition: Italian fund, Indian carmaker in the race

MILAN: Italian private equity fund Investindustrial and Indian car maker Mahindra have made competing bids for 50% of British luxury car maker Aston Martin, with a deal expected over the weekend. Investindustrial reached a agreement with Kuwaiti investment house Investment Dar, which owns Aston Martin, on Thursday but afterwards Mahindra made a higher counter bid, the source said. “They are in talks. A deal is expected to be finalised over the weekend,” the source said. A spokesman for Investment Dar was not immediately available for comment, nor could Mahindra be reached for comment. The source said Investindustrial had made a bid worth around $400 million for the stake and was confident in winning the race because its proposal was “technically” superior. It said Investindustrial had agreed to a technical partnership deal with Daimler AG’s Mercedes.

Published in The Express Tribune, November 25^th, 2012.