Kuwait's Dar confirms Aston Martin stake

Kuwait's Investment Dar said on Tuesday the stake it had bought in Aston Martin represented about 50% of the British luxury car maker at 240 million pounds ($462.7 million).

Ford Motor Co. is selling its Aston Martin unit to a group fronted by former Benetton and BAR motor racing boss David Richards in a deal worth 479 million pounds.

Investment Dar, part of the consortium buying Aston Martin, said in a statement on the Kuwait bourse website that the deal was partly financed by international banks, which agreed a 200 million pound loan facility compliant with Islamic rules. The rest will be paid by Investment Dar's partners.

The transfer of ownership would be completed in the next two months, the Investment Dar statement added.

Ford, the second-biggest U.S. car manufacturer said on Monday it would retain a 40 million pound investment, or 12.6%, in Aston Martin, which was made famous by the James Bond spy films.

Ford said in August it was considering the sale of Aston Martin to free funds to invest in other brands amid a sharp downturn in sales.

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