LONDON - Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin , Autocar magazine reported, sending the luxury sports car maker’s battered shares up 17% on Thursday.
Racefans.net said Racing Point could be rebranded as Aston Martin if Stroll succeeded in taking a controlling stake.The carmaker’s shares were up nearly 17% at 5.88 pounds at 1414 GMT, valuing the business at about 1.3 billion pounds, but still far below their initial public offering price of 19 pounds.
A month later, Aston raised $150 million in debt at 12% interest, hiking its borrowing costs, to bolster its balance sheet for the launch of its DBX sports utility vehicle next year, with the option for another $100 million. Aston will be competing in the World Endurance Championship and the Le Mans 24 Hours with its Valkyrie hypercar from 2021.Stroll, a collector of vintage Ferraris, has been involved in Formula One and motor racing for years and also owns Canada’s Mont Tremblant circuit in Quebec.
Shares...offered at £19, but now down to £4, have seen an upward trajectory today.
Aston Martin Racing Point Formula One Team....
Why would he take an equity stake in a company with no investment and paying 12% interest on its debt? Doesn’t make sense unless he’s putting £500m + cash into the company, Wouldn’t touch it with a barge pole
waste of money ..
Interesting, the dynamics and history. Mass Production. Small Niche Brands, gonna struggle, with Tesla Tsunami Wave. Sweet offer.
Damn! F1 team wasn't enough huh!
My most favorite auto of all time black on black. Dreamy
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