US Markets

Billionaire Lawrence Stroll seeks major stake in Aston Martin -report

Credit: REUTERS/ANDREW YATES

Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the carmaker's battered share price up nearly 15% on Thursday.

LONDON, Dec 5 (Reuters) - Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin AML.L, Autocar magazine reported, sending the carmaker's battered share price up nearly 15% on Thursday.

The British sports car maker's share price has slumped since its flotation in October last year. The shares launched at 19 pounds ($24.50) before dropping for months and languishing at around 5 pounds for weeks as sales have failed to meet expectations.

Stroll, who is the father of Formula One driver Lance Stroll, is heading up a consortium looking to take a "major shareholding" in Aston Martin, Autocar said on Thursday.

Aston Martin declined to comment. Racing Point did not immediately respond to an emailed request for comment.

The carmaker's shares were up nearly 15% at 5.79 pounds at 1148 GMT.

(Reporting by Costas Pitas; Editing by Susan Fenton)

((Costas.Pitas@thomsonreuters.com; 02075428024; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More