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Ford agrees to sell Aston Martin

Ford Motor Company announced this week it has entered into a definitive agreement to sell Aston Martin, its prestigious UK sports car business. The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a world-leading motorsport and automotive technology company; John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait. The sale is expected to close during the second quarter and the transaction values Aston Martin at GBP 479 million ($925 million). As part of the transaction, Ford will retain a GBP 40 million ($77 million) investment in Aston Martin.

Supermarkets Announce Fuel Price Cuts

AHEAD of the forthcoming Budget, two major supermarket chains have announced a welcome fuel price cut. The first company to show its hand was Tesco, which has announced a reduction in its petrol and diesel by 1p a litre. Asda then followed, with the supermarket giant taking up to 1p a litre off its petrol and up to 2p a litre off its diesel, pledging motorists would pay no more than 132.7p a litre for diesel and 126.7p a litre for petrol.

Bentley appoints new CEO, poached from Porsche

Bentley has announced the appointment of Wolfgang Dürheimer as its new chairman and chief executive officer. He will also head up Bugatti, as did predecessor, Franz-Josef Paefgen. Dürheimer, who joins Bentley from Porsche where he headed the research and development team, will start his new role at Crewe on 1 February 2011.