Ford's sale of Aston Martin was agreed last night, according to the Telegraph newspaper.
A consortium headed by Prodrive's Dave Richards will buy the iconic marque for a figure close to £450 million, with the final details due to be revealed at a press conference at 1300 today.
Richards' consortium includes Islamic investment companies Adeem Investment KSC and Investment Dar Company.
Ford, which took full control of Aston Martin in 1993, will retain a 15 per cent stake in the new company, which makes cutting a deal with the Blue Oval over technology such as engines much easier.
Dr. Ulrich Bez, once boss of Porsche, will remain as AM's CEO, and will be tasked with increasing output from the current level of 7,000 cars a year.
UPDATE from the press conference
- Aston Martin has been sold for £479 million.
- Ford said that it was sorry to see AM go but that it has a great future ahead of it.
- Richards said that Ford did a great job with AM. But AM's true potential has yet to come. As chairman, he said he'll be involved both technically and financially.
- Bez said that he plans to increase production to 10,000 cars a year and make it the best prestige car company in the world.
- Richards refused to divulge details of the equity split among the consortium.
- On the question of AM's engines, Richards said that they will continue to be made at Ford's Cologne plant.
- On the question of F1, Richards said that there was no chance of AM going into F1. "People have been adding 2+2 and making six. Prodrive may partner with existing team, but AM will continue with sportscar racing."
- The four-door Rapide will go into production in 2009.
- Bez said he couldn't confirm any further cars for the future, such as the DBS.
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