29th Sep 2023 11:44
(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Friday said Yew Tree Consortium, the investment vehicle of Aston Martin Executive Chair Lawrence Stroll, has agreed to buy an additional 3.3% stake, increasing its total holding to 26.23% from 22.96%.
Under UK takeover rules, a shareholder with a 30% stake has to make a takeover offer for the entire company.
Yew Tree bought an additional 26 million shares in the Gaydon, England-based luxury car maker on Thursday.
Other major shareholders include Saudi Arabia's Public Investment Fund, China's Geely International (Hong Kong) Ltd, and Germany's Mercedes-Benz Group AG.
"The Yew Tree Consortium is delighted to increase its ownership in the company by 3.27%. This additional investment demonstrates the Yew Tree Consortium's continuing confidence and belief in the future of Aston Martin. The company has delivered a major turnaround since the Yew Tree Consortium's initial investment three years ago," Stroll said.
Aston Martin shares were up 13% to 293.80 pence per share on Friday morning in London.
By Tom Budszus, Alliance News reporter
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