Stroll's Aston Martin talks 'advanced' - source (2nd Update)
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UPDATE Aston Martin Lagonda Global Holdings Plc is making a last-ditch effort to bring in fresh funding, with billionaire Lawrence Stroll closest to committing to buying a stake in the struggling U.K. luxury-car maker, according to people familiar with the matter.
The Canadian investor and owner of the Racing Point Formula One team is in advanced discussions to inject about 200 million pounds ($260 million) as part of a capital increase by the automaker, said one of the people, asking not to be identified because the talks are confidential.
Aston Martin’s profit warning last week underscored the urgency for the carmaker to secure new investors to help pare debt and finance the production of the DBX sports utility vehicle. The $189,000 DBX is at the heart of Aston Martin’s turnaround plans, which include more than doubling annual output to 14,000 autos by 2023. Aston Martin has received 1,800 orders for the model, meeting a condition for the carmaker to obtain a follow-on loan for $100 million.
“We remain in discussion with potential strategic investors in relation to building longer term relationships which may or may not involve an equity investment,” Aston Martin said in an e-mailed statement over the weekend.
|Lawrence Stroll - not finished buying|
12/16/19 (GMM) Aston Martin has admitted it is in talks with potential "investors".
The British luxury carmaker is already the title sponsor at Red Bull, but it is strongly rumored that Racing Point owner Lawrence Stroll may be interested in buying Aston Martin.
The Financial Times now reports that executives for the embattled carmaker have already met with Stroll and other potential investors.
"Of the talks, those with Mr Stroll are at the most advanced level," the report said, citing a source.
Aston Martin responded by saying it is "reviewing its funding requirements and various funding options".
"It is also engaged in early stage discussions with potential strategic investors in relation to building longer term relationships which may or may not involve an equity investment," Aston Martin added.
A spokesman for Racing Point said it would not comment on "speculation and rumors".
|Lawrence Stroll (R) and son Lance|
12/06/19 (GMM) No official comment is yet to be made amid rumors Racing Point owner Lawrence Stroll also wants to take over the struggling British carmaker Aston Martin.
Reports suggest Canadian billionaire Stroll, the father of team driver Lance Stroll, is leading a consortium that is eyeing Aston Martin and intends to re-brand his F1 team and paint the cars British racing green.
Aston Martin is currently Red Bull Racing's title sponsor.
Shares Magazine said that off the back of the Lawrence Stroll speculation, Aston Martin's battered share price surged almost 20 per cent.
But the Canadian newspaper Globe and Mail said Stroll, whose net worth is estimated at $2.6 million by Forbes, was unavailable for comment.
And Racing Point, the Silverstone based team formerly known as Force India, said it had "no comment on media speculation and rumors".
Aston Martin also declined to comment.