Home / Auto News / News article: Mahindra Out, Volvo and Geely In for Aston Martin Purchase - AutoGuide.com News
 |  Dec 06 2012, 6:53 AM

It appears that Indian truck manufacturer Mahindra & Mahindra has pulled out of the race to buy Aston Martin due to the British automaker’s current financial situation.

But the bidding war is still ongoing, as reports now have Geely and Toyota looking closely into the Aston Martin brand as an acquisition. Geely, which recently bought Volvo, is extremely interested in a buyout of the British luxury automaker.

SEE ALSO: Aston Martin ‘For Sale’ Rumors Heat Up

In addition, reports have Toyota meeting multiple times with Aston Martin recently and it is believed that the bidding will come down to those two major automakers. Investment Dar, a Kuwait-based company, is attempting to reorganize its debt and as a result is seeking to sell its 64-percent share of Aston Martin for $800 million.

Previously, Investindustrial had made a bid of around $401 million but it was believed that Mahindra came in with a higher bid. But now the Indian automaker doesn’t seem interested anymore, which leaves Geely and Toyota.

[Source: The Economic Times and China Car Times]