The biggest investor in Aston Martin offered on Friday to buy another 3per cent stake in the luxury carmaker, whose shares have slumped since listing last year.
LONDON: The biggest investor in Aston Martin offered on Friday to buy another 3per cent stake in the luxury carmaker, whose shares have slumped since listing last year.
Strategic European Investment Group, part of the Italian private equity group Invest industrial, already owns 31per cent of Aston Martin. It only wants to buy a maximum 3per cent more, but has to make an offer to all shareholders due to its already large holding. It confirmed it is offering to pay 10 pounds (US$12.53) per share.
Aston Martin has struggled since it listed in October last year. Its shares, down 21per cent so far this year, closed Thursday at 963 pence, valuing the business at 2.18 billion pounds.
The company’s recent results have been hit by a need to invest more in its manufacturing plants and expand its vehicle offering, leading to higher costs.
(Reporting by James Davey; Editing by Jan Harvey)