TStag Posted August 7, 2007 Share Posted August 7, 2007 source: http://money.cnn.com/news/newsfeeds/articl...77_FORTUNE5.htm DETROIT -(Dow Jones)- Ford Motor Co. (F) on Tuesday said it sold 100% of its Aston Martin sports car unit earlier this year to a consortium of investors, and it received $931 million in gross proceeds through the transaction, which closed in the second quarter. The auto maker, which disclosed details of the sale in a quarterly filing with the Securities and Exchange Commission, originally planned to reap $848 million from the sale, and it had planned to hold onto a stake in Aston Martin. Ford's stake would have been worth $77 million. Ford booked $187 million in pre-tax income from the sale of Aston Martin in the second quarter. A spokeswoman could not immediately be reached for comment. In the filing, Ford reiterated its plan to potentially sell its Jaguar and Land Rover brands, and it said it will wrap up a strategic review of Volvo by the end of the year. The filing also reiterated Ford's plan to post $15 billion to $16 billion in cash outflows between 2007 and 2009. The company expects one-third of the outflow, or $5 billion to $5.3 billion, to occur this year. Ford shares recently traded up 1.1% to $8.28. Quote Link to comment Share on other sites More sharing options...
waymondospiff Posted August 8, 2007 Share Posted August 8, 2007 Too bad. But, if they sell 100% of Jaguar, there's really no reason to keep a stake in Aston. At least Ford turned Aston into the company it is today: reputable, desirable, and financially solvent. Scott Quote Link to comment Share on other sites More sharing options...
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