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Ailing Ford selling Aston Martin to raise capital

by editor2
September 2nd, 2006

By putting British luxury car Aston Martin on the block, the ailing US auto giant Ford Motor Co is gearing up the restructuring of its global automotive business, analysts say.Ford announced on Thursday it wants to hive off Aston Martin, the dashing sports car immortalized by fictional superspy James Bond.

The loss-making Detroit company said it wanted to free up resources for its other auto brands, and said that prospective buyers had already come forward for the legendary British marque.

Chairman and chief executive Bill Ford said that Aston Martin had “flourished” since it became part of the US group in 1986, “which is why we believe it is prudent to consider a sale of all or part of this prized brand.”

Bill Ford said the British unit’s dealer network, products and size were all distinctly different from other Ford brands, making it “the most logical and capital-smart divestiture choice.”

Any sale would enable Ford “to efficiently raise capital for its other brands,” Bill Ford added.

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