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Prodrive leads bidding for Aston Martin

Business Materials 6 March 2007 15:58
Prodrive leads bidding for Aston Martin

( autoinsiderne ) - As we reported earlier today, Ford could announce the sale of Aston Martin as soon as this week. According to The Times, Ford is in exclusive talks with Prodrive for the sale of Aston Martin. Prodrive currently runs Aston Martin's racing team and Subaru's world rally team. It will enter Formula One with its own team in 2008.

According to sources, Ford had selected Prodrive because its bid - thought to be close to ?450 million - was higher than the other bidders. It seems the hold up is that Prodrive is having some trouble financing its bid. Prodrive's founder, David Richards, is working with investors to secure financing. British private equity group Apax owns a 49 percent of Prodrive but is not involved in the Aston Martin bid.

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