Aston Martin’s largest shareholder considers upping its stake
Private equity group Investindustrial weighs cash offer for further 3% of carmaker
Aston Martin’s largest shareholder is considering increasing its stake in the luxury carmaker, whose shares have tumbled since its listing in London last year.
Italian private equity group Investindustrial on Monday said that it is considering making a cash offer for 6.84m shares at £10 each, which would represent approximately 3 per cent of the company. The offer would be made through an independently managed subsidiary, Strategic European Investment Group.
Aston Martin’s shares closed on Friday at just over £10, having been priced at £19 in an October IPO.
The listing had valued the company at £4.3bn and raised £1.1bn for existing shareholders including Investindustrial and the Kuwaiti funds Adeem Investments and Primewagon, which sold a quarter of the company in the offering.
Investindustrial is Aston Martin’s biggest shareholder, owning 31 per cent of the company. The carmaker recorded a loss in its first-quarter results, released in May, as higher costs hit its bottom line.