A major shareholder reduces its stake in Aston Martin

A major shareholder reduces its stake in Aston Martin

June 3, 2020 0 By autotimesnews

Aston Martin’s largest shareholder, a private Italian company, has reduced its stake in the British automaker by almost 5%.

Investindustrial, an Italian private investment company, has disclosed financial documents showing a stake of 14.99% in Aston Martin as of May 29, compared with the previous figure of 19.92%. According to Refinitiv Eikon, Investindustrial is the company’s second largest shareholder after Canadian billionaire Lawrence Stroll. It was not immediately clear why the fund reduced its stake.

In May, the automaker saw heavy losses in the first quarter after sales fell by almost a third due to the impact of a new outbreak of coronavirus.

The automaker recently appointed Mercedes-AMG CEO Tobias Moers as its new CEO, replacing the retired Andy Palmer. Moers will replace Palmer on 1 August. Until this time, the role of Palmer will take over production manager Keith Stanton.

Aston Martin shares have fallen by more than 90% since their initial public offering in 2018, as the company suffered from an oversupply of its dealers and a global recession among luxury goods buyers.