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Aston Martin owners rev up for possible sale or stock IPO

LONDON — Aston Martin's owners have hired financial advisory firm Lazard to prepare for a stock market listing or sale of the British sports car maker made famous by fictional spy James Bond, sources familiar with the matter told Reuters. Italian private equity fund Investindustrial and a group of Kuwaiti investors, who together own more than 90 percent of the marque, are hoping to cash in on a recovery in sales and are in the initial stages of a strategic review. They have hired investment bank Lazard to work on a preliminary plan and could either opt for an initial public offering (IPO) in the third or fourth quarter of 2018 or a trade sale, two of the sources said on Friday. A deal could value the maker of the sports car driven by Britain's Prince William on his wedding day at between 2 billion and 3 billion pounds ($4 billion), one of the sources said, adding a listing was the most likely option. However, no final decision had been taken and the investors could decide to retain control, the sources added. Investindustrial declined to comment while Aston Martin and Lazard did not return requests for comment. Adeem Investment, one of the Kuwaiti investors, was not immediately available. If successful, a float of Aston Martin would be a milestone deal for the 104-year-old car manufacturer and would follow the IPO of Italian sportscar maker Ferrari which made its Wall Street debut in 2015 amid strong investor demand. Investindustrial, led by founder Andrea Bonomi, bought 37.5 percent of Aston Martin in 2012 in what was the fund's best-known investment in Britain. The fund, which has clinched a number of Southern European investments since its launch in 1990, is Aston Martin's single biggest investor and is driving the plans, the sources said. Beside Lazard, other investment banks have approached the private equity fund in recent weeks offering advice ahead of a possible IPO, another source said. Yet no other mandates will be awarded this year for the Gaydon-based firm, which is in the midst of a turnaround plan that aims to restore the business to profitability following six years of losses. Aston Martin, which recently unveiled its new Vantage model, is on course to post its first annual pre-tax profit since 2010 as strong demand for the luxury automaker's DB11 sports car boosts its performance.

King Charles' electric I-Pace goes to auction next month

Never mind the Bentley State Limousines, the Aston Martin DB6 Volante that Queen Elizabeth II bought him on his 21st birthday, or the Rolls-Royce Phantom VI valued at more than $600,000. The car of the moment, if we’re talking about the garage of King Charles III of England, is a far more ordinary — and all-electric — Jaguar I-Pace purchased in 2018 by His Majesty “for his personal use." The royal Jag is set to be auctioned off March 2 at the famed Ascot Racecourse; estimated selling price is as high as $88,000. If you miss out on the auction of a president's former ride, here's one from a king. The SUV, notable as the first all-electric vehicle to be embraced by the royal family, is the range-topping I-Pace EV400 HSE all-wheel-drive luxury five-seater that the king — prince of Wales at the time — bought in September 2018 for $75,000. According to the auction site, the Jag was "purchased with his own money." Charles had Jaguar install a fast charger at Clarence House, his residence. The vehicle was returned to a Jaguar dealership after two years — itÂ’s not clear if it had been leased — with only 3,000 miles on the clock. Subsequently, the SUV was sold to one Karen French of Oxfordshire. She said in a statement offered by Historics Auctioneers, “This I-Pace was exactly what I was looking for and pretty much on my doorstep. It was only when I agreed to buy it that I discovered its extraordinary history — I was absolutely thrilled. Having driven it over 30,000 miles,” she added, ”I decided in the New Year that it was time for a change.” Noted by the auctioneers in typical British understatement, the high-specification car was uniquely finished in Loire Blue and remains the only I-Pace “to be painted in this colour, whilst those inside the car enjoyed a sumptuous, contrasting leather interior in, fittingly, Light Oyster Windsor.” A revised Jaguar I-Pace is scheduled to arrive next year. Regarding the KingÂ’s affection for automobiles — British automobiles — he reportedly overseas a fleet worth more than $17 million. And while heÂ’s fond of driving conventional vehicles, he told the BBC some years ago that “my old Aston Martin, which I've had for 51 years, runs on — can you believe this — surplus English white wine, and whey from the cheese process.” Essentially the classic had been converted to run on E85 bio-ethanol. "The engineers at Aston said, 'Oh, it'll ruin the whole thing,'" Charles shared with The Telegraph in 2018.

2018 Aston Martin DB11 Volante First Drive Review | The speed of style

If you're not a car designer, chances are you've tried to draw a sportscar, and realized just how hard it is to get those proportions just right. One false line, and the sleek coupe of your imagination looks like a kumquat. So you can imagine that transforming the striking V8-powered Aston Martin DB11 coupe into an equally stunning Volante ragtop was harder than it looked, a task which required Aston designers and engineers to nip and tuck everything past the windshield. "There were lots of healthy, heated debates," lead designer Julian Nunn says of how the DB11 Volante – fancy speak for convertible – was packaged. As it sits before us on a brisk winter morning in Southern France, the British drop-top has a sleek, fleet look thanks to the elegant rake of its nose, the sharp arc of its roofline, and the taut contours of its derriere. Aston's designers nailed the proportions – it's a stunner. How they got there was a game of millimeters, starting with a minuscule lift of the haunches to accommodate the eight-layer folding soft top. To soften the look of those lifted surfaces, the wheel arches are faceted slightly inboard, lending them more depth and dimension. The convertible loses the air vent at the rear, since there's no roof to create lift; as such, the so-called AeroBlade feature which ducts air through the C-pillar is also gone. But the rear spoiler remains, automatically deploying for downforce with a speed-dependent algorithm based on driving mode. The stack height (that is, the vertical space occupied by the folding roof) measures 10 inches, the lowest in its class, which helps the DB11 achieve its graceful looks with the added benefit of keeping the center of gravity low. The top takes 14 seconds to lower, and will drop at speeds up to 31 mph. A Volante with its top down puts Aston's typically gorgeous cabin on full display: the door's brogued leather details surrounded by an improbably shaped veneer surround; the complex curvature of the veneer around the capacitive touch-sensitive infotainment interface; the improbably generous swaths of leather and Alcantara upholstering the dashboard and A-pillar surfaces. There's even, for the first time, veneer on the backs of the front seats. The tiny rear seats come with ISOFIX car seat attachments, a first in a Volante. I could go on about the DB11's unusual and intriguing aesthetic choices, but I've also got a persistent gripe with the electronic instrument cluster.