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Ford to announce Aston Martin sale Monday

GAYDON, England, March 9 (UPI) -- Ford Motor Co. has reached an agreement to sell its luxury Aston Martin brand and will reveal the new owner's name Monday, the automaker said Friday.

The Financial Times said earlier Ford was close to selling the brand for $870 million to a private investor group that includes David Richards, chairman of Prodrive, the group that runs the Aston Martin racing team.

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Monday's announcement, set for 7 a.m. EDT, is apparently timed to let New York Stock Exchange traders digest the news before the opening of trading, Edmonds' Inside Line reported.

Ford is banking on a positive reaction within financial circles to help bolster sagging stock prices, Inside Line said.

Speculation about who would take control of 86-year-old Aston Martin has been rife ever since Ford's August announcement it was putting the company up for sale.

Ford bought a controlling stake in Aston Martin of Gaydon, England, in 1987 and acquired full ownership in 1994.

The deal will separate Aston Martin from its Ford Premier Automotive Group partners, Jaguar, Land Rover and Volvo.

Aston Martin makes about 5,000 cars a year, which cost upwards of $100,000 each.

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