Ford `down to shortlist` for sale of Aston Martin

Ford Motor Co., the world's third- largest automaker, is ``down to the short list'' of bidders for its U.K.-based Aston Martin luxury-car unit, Executive Vice President Lewis Booth reports Bloomberg.

The sale will occur ``sooner rather than later'' this year, he said today in an interview at the North American International Auto Show in Detroit. ``We're assessing the bids,'' Booth said, declining to discuss specifics.

Ford last year put Aston Martin, which makes cars that sell for $110,000 or more, on the sales block as it reviewed its assets and brands amid losses. Aston Martin sold about 6,500 cars worldwide last year, rising from about 4,500 in 2005.

The automaker is assessing ``where their capital is going and how many balls they have up in the air,'' said Michael Robinet, an analyst at consulting firm CSM Worldwide in Farmington Hills, Michigan. ``It probably makes more sense to devote time and resources to the mass-market brands.''

Last month, Chief Executive Officer Alan Mulally said in an interview he expected an Aston Martin sale this year. He didn't elaborate. Mulally said yesterday that Ford doesn't plan to sell Jaguar, another U.K.-based unit, ``at this time.''

Ford bought a majority stake in Aston Martin in 1987 and the rest of the unit seven years later. Since 2000, Ford has sought to boost sales of the brand. Booth oversees Premier Automotive Group, which includes Aston Martin, Jaguar, Land Rover and Volvo, as well as the Ford of Europe unit.

The Sunday Telegraph in London, citing people it didn't identify, reported that Ford wants final offers by the end of this month.

James Packer, Australia's richest man, is part of a group bidding for Aston Martin, the newspaper reported. The Packer group is on a short list for bidders, including private-equity groups Permira Advisers LLP and Doughty Hanson & Co. and Magna International Inc., Canada's biggest maker of automobile parts, the Telegraph reported.

Ford is selling some assets after losses that reached almost $7 billion through three quarters of last year. The Dearborn, Michigan-based automaker has been hurt by a drop in U.S. demand for light trucks such as its Explorer sport-utility vehicle and F-Series pickups.

Aston Martin's cars are known for their appearances in James Bond movies, starting with 1964's ``Goldfinger,'' and most recently in 2006's ``Casino Royale.''

Ford shares rose 8 cents to $7.70 at 2:48 p.m. in New York Stock Exchange composite trading.

Ford has said Premier Automotive Group will report a full- year loss for 2006 because of losses at Jaguar.

Booth said in September that Jaguar and Land Rover aren't for sale ``at the moment'' during an investor conference in Paris. His comment was similar to what Mulally said about Jaguar yesterday.

Booth said today that Ford has continued to make such comments because ``things do change. It is what it is. If it changes, we'll tell you.''

Executives at Jaguar and Land Rover ``have done what I've asked them to do, which is to keep focused on the business,'' Booth said.

Discuss this news here...