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Investindustrial Aims to Boost Stake in Aston Martin
A unit of Italian private equity group Investindustrial, already Aston Martin Lagonda Ltd.’s largest shareholder, hopes to hike its holding in the British luxury car marque by three points to 34%.
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A unit of Italian private equity group Investindustrial, already Aston Martin Lagonda Ltd.’s largest shareholder, hopes to hike its holding in the British luxury car marque by three points to 34%.
The equity firm’s Strategic European Investment Group is offering £10 ($12.64) per share, the stock’s closing price on Friday. Aston Martin shares have dropped 47% since the carmaker’s initial public offering at £19 last October.
Aston Martin reported a profit of £42 million ($49 million) through the first half of 2018. But full-year operating profit plunged 51% to £73 million ($92 million) on costs related to renovating its factories and expanding its four-model lineup.
The carmaker sold 6,400 vehicles last year. CEO Andy Palmer predicts that new models, including the brand’s first crossover vehicle, will enable it to reach 14,000 units by 2025.
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