Bidding for Aston Martin Heats Up

Ford Motor Co. is fielding a second round of bids for its Aston Martin Lagonda Ltd. ultra-luxury-car subsidiary, the Financial Times reports.

Prospective buyers include Syrian-born property tycoon Simon Halabi and the private equity group Doughty Hanson and Co., the business publication reports. Others rumored to be in the running include Canadian auto supplier Magna International Inc. and Australian media mogul James Packer.

The paper says Ford expects to fetch between $884.1 million and $876 million for the luxury sports car unit.

“If there is a cluster (of bids around the same price) it may go to a third round,” an unnamed person familiar with the bidding tells the Financial Times, adding that a deal could be agreed upon earlier “if someone is way out front.”

A second unnamed source tells the paper, “People have increased their bid prices in the process rather than reduced them.”

An investment group spearheaded by former Ford CEO Jacques Nasser, now a partner at JP Morgan Chase’s private-equity arm, had shown an interest in purchasing Aston Martin early on but reportedly has bowed out of the bidding.