Kuwait-backed Aston Martin in talks for deal with Daimler

German carmaker is "fundamentally open" to talks on deeper cooperation British brand's new CEO
Kuwait-backed Aston Martin in talks for deal with Daimler
(Getty Images)
By Reuters
Wed 10 Sep 2014 11:56 AM

Daimler is "fundamentally open" to talks on deeper cooperation with Aston Martin's new chief executive, the head of the German luxury carmaker Dieter Zetsche said on Tuesday.

Speaking a week after the British sportscar maker named Nissan executive Andy Palmer as its new boss, Zetsche said Palmer would be missed in Daimler's dealings with Renault-Nissan but a plus in its collaboration with Aston.

"It's now up the new CEO to further develop Aston Martin's strategy," the Daimler chief executive told Reuters when asked about deeper cooperation with privately owned Aston Martin.

"We're fundamentally open to all talks," he said.

Palmer's move adds to an exodus of talent from Nissan and partner Renault but may be a turning point for Aston Martin, already preparing to roll out new models with engines supplied by 4 percent shareholder Daimler.

Palmer had unsuccessfully sought to persuade Nissan's CEO Carlos Ghosn to invest in the sportscar maker before he jumped ship, sources have said.

In May last year Italian tycoon Andrea Bonomi's Investindustrial bought 37.5 percent of Aston Martin in a $241 million deal with Kuwaiti controlling shareholders Investment Dar and Adeem Investment.

Two months later Aston announced a deal to develop a new generation of V8 engines with AMG, the Mercedes high-performance division of Daimler, as well as sharing some electronics.

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.