Monday, December 7, 2009
Kuwait Group announces that it has received offers to sell its stake in Aston Martin!
And get a load of this; Investment Dar said the offers are worth $720 million, about 50% more than what they Kuwait based company paid to get the stocks two months ago! In case you missed the Aston Martin episode, we remind you that Kuwait’s Investment Dar was part of a consortium lead by Prodrive owner David Richards that paid $925 million to acquire the British firm from Ford. The Kuwaiti holding company took a 50 percent of that stake, while it should be noted that Ford retained a $79.8 million (40 million pounds) investment in Aston Martin.
Investment Dar Executive Vice President Amr Abou El Seoud said in a statement to Reuters, "We're getting bids at a 50 percent profit”. However, Seoud added, "We have a plan and strategy that we would love to see implemented before thinking seriously about selling”. If the Kuwaiti holding company is speaking truth and its not some kind of a trick on their behalf, some people down at FoMoCo must be feeling pretty damn awkward. Via: Automotive News