Largest Aston Martin investor to raise stake
Aston Martin's biggest investor is looking to boost its stake by splashing out £68m (€76m) on another 3pc holding in the luxury car-maker.
Strategic European Investment Group - a subsidiary of private equity firm Investindustrial Advisors - said it was considering buying 6.8 million shares at £10 (€11) each in the maker of cars favoured by fictional spy James Bond.
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Strategic European Investment Group already holds a 30.97pc stake in Aston Martin, which floated on the London Stock Exchange last year.
The investor said it has the support of Mercedes-Benz maker Daimler, which has agreed to approve the deal in respect of its 4.2pc shareholding in Aston Martin. Other investors - Adeem Automotive Manufacturing Company, Asmar, Primewagon and Stehwaz Automotive Jersey - have also agreed to support the deal in respect of their 30.6pc combined shareholding in the business.
Aston Martin's entrance to the stock market in October has so far failed to live up to expectations, with the car-maker's shares sharply lower than their opening price.
Results in May showed the company swung to a £17.3m (€19.3m) pre-tax loss in the first quarter, down from a £2.8m (€3.1m) profit a year earlier, after it sold fewer higher-priced 'special' cars.
Total revenue for the period jumped by 6pc to £196m (€219m), driven by strong growth in North America and Asia.
But the number of wholesale units sold in the UK, its largest market, slid by 9pc, while sales elsewhere in Europe also fell, declining 4pc.