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Canada billionaire Lawrence Stroll mulls Aston Martin stake - report
5th Dec 2019 10:58
(Sharecast News) - Aston Martin Lagonda shares rallied on Thursday following a report that Canadian billionaire Lawrence Stroll - father of Formula 1 driver Lance Stroll - is preparing to make a bid for a major stake in the luxury car maker.
According to Autocar and RaceFans.net, Stroll is heading up a consortium looking to take control of Aston Martin to take advantage of the decline in the share price since it floated on the London stock market last year and lower-than-expected sales. In particular, they want to capitalise on expected sales for the recently-launched DBX SUV, Autocar said.
Stroll led a consortium in taking over the Force India F1 team last year when it went into administration.
He has since rebranded the team as Racing Point and was understood by RaceFans to be planning to wrap Racing Point in Aston Martin's British racing green colours if he succeeds in buying a controlling stake.
At 1100 GMT, the shares were up 10% at 554.80p.
According to Autocar and RaceFans.net, Stroll is heading up a consortium looking to take control of Aston Martin to take advantage of the decline in the share price since it floated on the London stock market last year and lower-than-expected sales. In particular, they want to capitalise on expected sales for the recently-launched DBX SUV, Autocar said.
Stroll led a consortium in taking over the Force India F1 team last year when it went into administration.
He has since rebranded the team as Racing Point and was understood by RaceFans to be planning to wrap Racing Point in Aston Martin's British racing green colours if he succeeds in buying a controlling stake.
At 1100 GMT, the shares were up 10% at 554.80p.