Aston Martin Chief Executive planning management buyout

04-Sep-2006 • Bond News

Aston Martin Chief Executive Ulrich Bez is planning a management buyout of the luxury sports car maker, put up for sale by Ford Motor Co. last week as it frees up funds to invest in other brands, weekly newspaper The Sunday Times said.

The paper, quoting senior sources at Ford, said Bez was likely to front a consortium bidding for Aston Martin - reports Reuters.

Ford was not available for comment on Sunday.

The Sunday Times quoted Bez as declining to confirm his interest in fronting a bid, though the former Porsche executive said he expected to remain on board after the change of ownership.

"It would be right and logical that someone who comes in as a main shareholder goes on and works with the management," he was quoted as saying. "This is not something that has been decided over our heads but something that has been decided in conjunction with us."

Ford's portfolio of European-based luxury car brands has fallen short of the automaker's optimistic projections from several years ago.

Its luxury unit, which includes Jaguar, Land Rover, Volvo and Aston Martin, lost $162 million in the second quarter.

Aston Martin leapt into the public eye in 1960s when actor Sean Connery drove one as James Bond in the 1964 film "Goldfinger". The latest James Bond film, "Casino Royale", is also set to feature an Aston Martin.