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Sat 10 Nov 2012 09:47 AM

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Kuwait firm said to eye Aston Martin stake sale

Investment Dar reportedly retains advisors to help sell 64% stake in UK car maker

Kuwait firm said to eye Aston Martin stake sale
(Getty Images)

Kuwait-based Investment Dar, which owns a 64 percent stake in Aston Martin, has reportedly retained advisers to help it sell its share.

According to a Bloomberg report, the Kuwaiti investment company is looking to offload its interest in the British-based luxury sports car maker, a favourite with British secret agent James Bond.

Bloomberg quoted five sources it said it could not identify publicly as the basis for the report.

It said Investment Dar has hired Rothschild to advise on the sale, adding that Mahindra & Mahindra Ltd, the Indian automaker, is among potential suitors.

Investment Dar has sought about $800m for its stake, one of the sources told Bloomberg.

The company bought into Aston Martin in 2007 in a deal worth £240m.

Investment Dar, which missed a payment on a $100m Islamic bond in May 2009, started talks later that year to restructure its debt after the global financial crisis hit Kuwaiti banks and investment firms.

A representative at Investment Dar who was not named by Bloomberg denied the company was seeking to sell Aston Martin.

Janette Green, director of brand communications at Aston Martin, also said Investment Dar wasn’t considering a sale.

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