British Investor Close to Deal on Aston Martin

London-based Investindustrial appears likely to acquire a large stake in British luxury sports car maker Aston Martin Lagonda Ltd., Bloomberg News reports.

The news service cites anonymous sources who say the private equity firm has trumped a higher offer from Indian SUV maker Mahindra & Mahindra Ltd.

The Times of India cites unidentified sources who say Mahindra has dropped out of the bidding because Kuwait's Investment Dar, which owns 64% of Aston Martin, refuses to cede majority control.

News reports last week said Mahindra topped Investindustrial's offer with a bid of 250 million ($403 million) for a 50% voting stake (40% equity ownership) in the British carmaker.

Bloomberg says Aston Martin prefers the equity fund as buyer because Investindustrial promises to give the company access to technology and components from AMG, the performance unit of Daimler AG's Mercedes-Benz Cars unit.