Canadian Tycoon to Buy Aston Martin?
Canadian billionaire Lawrence Stroll is heading a consortium to buy a controlling stake in British luxury carmaker Aston Martin Lagonda Ltd., according to Autocar.
Stroll made his fortune by investing in such luxury brands as Pierre Cardin, Tommy Hilfiger and Ralph Lauren. He owns the Racing Point Formula One racing team, and his son Lance Stroll drives for the team. Aston Martin sponsors a rival F1 team.
Autocar says Stroll’s group apparently wants to take advantage of Aston Martin’s low stock price. The company launched an initial public offering at £19 ($25) in October 2018. But shares have been trading below £6 ($8) since July.
The iconic British marque hopes to double global sales to 14,000 units in 2023, mainly because of the addition of the DBX luxury crossover model next year.
Aston Martin’s largest shareholder is Kuwait’s Adeem/Primewagon group with a 36% stake. Italy’s Investindustrial own 31% of the company. Autocar doesn’t say how Stroll’s group would acquire a majority stake.