China’s Zhejiang Geely buys 7.6% stake in Aston Martin (Sept 30)

(Corrects previous closing day in second paragraph to Sept 29 from Sept 28 and also stake value to 66.6 mln pounds from 7.55 bln pounds)

:Chinese automotive company Zhejiang Geely Holding Group said on Friday it bought a 7.6 per cent stake in British luxury carmaker Aston Martin, but did not disclose the deal value.

Based on Aston Martin’s closing share price on Sept. 29, the stake is valued at 66.6 million pounds ($74 million).

It was bought by Li Shufu, founder and chairman of Zhejiang Geely, Aston Martin said in a regulatory filing, making the Chinese firm one of the top shareholders in the British carmaker, according to Refinitiv Eikon.

“We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability,” Daniel Donghui Li, Zhejiang Geely’s chief executive officer said.

Aston Martin also separately announced the completion of 654 million pounds capital raise.

($1 = 0.8994 pounds)

 

Source: Reuters