Wednesday, 22 January 2020
Latest news
Main » China`s Geely automobile in talks to buy stake in Aston Martin

China`s Geely automobile in talks to buy stake in Aston Martin

14 January 2020

"We also remain in discussions with potential strategic investors, which may or may not involve an equity investment into the company", he said.

Geely Chairman Li Shufu owns a 9.69% stake in Mercedes-Benz parent Daimler, which runs the Smart city vehicle brand with Geely as a joint venture out of China.

There are several suitors in the frame, according to three people.

More news: ASB Classic Tournament: Serena wins her first title after three years

"Bloomberg" are reporting that Stroll - who has amassed a fortune in excess of £2billion - is in 'advanced discussions with Aston Martin.

Yet it was unclear if Geely would go ahead with an investment if Stroll did so as well, the FT said.

Both parties have links to Daimler, the German owner of Mercedes-Benz that holds 5% of Aston and has the power to block any fresh investments in the company from another carmaker.

More news: Hazardous bushfire smoke over Melbourne effects Australian Open players

Mr. Stroll uses Mercedes engines in his Formula 1 racing team, Racing Point.

An Aston Martin spokesman declined to comment on whether the company is in talks with Geely, saying only that talks with potential investors are ongoing. If not renewed, it opens the door for a motorsport collaboration with Racing Point.

Before joining Red Bull as a title sponsor, Aston martin had been considering entering the championship as a manufacturer. The company has already taken out a £120m loan, of course, and qualified for a subsequent £80m when it hit 1,400 orders for the SUV - although those sums come accompanied by interest rates of 12 and 15 respectively.

More news: Pakistan and Bangladesh cricket boards to meet in Dubai

A spokesman for Aston declined to comment on whether the company is in talks with Geely, and reiterated a statement from Tuesday.

China`s Geely automobile in talks to buy stake in Aston Martin