Aston Martin may change ownership

Aston Martin may change ownership

December 6, 2019 0 By autotimesnews

The company wants to buy the owner of the Formula 1 SportPesa Racing Point team

Canadian businessman Lawrence Stroll, father of race car driver Lance Stroll and co-owner of the Formula 1 SportPesa Racing Point team, may become the new owner of Aston Martin. According to a number of sources, the billionaire has become the head of a consortium of investors and wants to take advantage of the low share price of the British brand to gain control over it.

Now the largest shareholders of Aston Martin are the Italian investment fund Investindustrial Advisors Ltd. (38.8 percent), Kuwaiti businessman Najib Al-Khumaidhi (10.7 percent) and Invesco Advisers, Inc. (9.18 percent). Daimler, which supplies Aston engines, owns a little over four percent of the shares.

In response to rumors about the possible sale of a large stake, Aston Martin CEO Andy Palmer said that the current shareholders of the brand consider investments as long-term investments, so the company is not looking for new ones. However, this does not mean that such proposals are not received.

Since entering the stock exchange in 2018, Aston Martin shares have tripled in price, but in the wake of rumors of a possible sale to Stroll, quotes have grown 16 percent. The reasons for the fall in the value of securities are called a decrease in global demand for cars and huge losses: for the first half of 2019, they amounted to £ 80 million

At the same time, Aston Martin continues to develop automotive and third-party projects. So, recently the company introduced its first crossover – DBX, released a motorcycle and offered customers a new service in real estate.