Aston Martin announced a 234 million pound investment by China's Geely, doubling the automotive firm's stake to make it the third-largest shareholder.
Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll's Yew Tree, currently Aston Martin's largest stakeholder, at 335 pence each and subscribe for another 28 million shares at the same price, raising about 95 million pounds in cash for the British firm.
Aston Martin shares, which closed at 231.2 pence on Wednesday, were trading at 267.8 pence at 1056 GMT, having risen as high as 288.0 pence., the investment paves the way to secure its long-term future and cut its net debt, which stood at 868.1 million pounds at end-March. Earlier this month, the century-old company, which has gone bankrupt seven times in its history, said 2023 would be its"peak year" for capital spending.represents, as well as the opportunity to access their range of technologies and components," Stroll said about Geely in a statement.
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