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Saudi wealth fund to become Aston Martin's second-largest shareholder

Aston Martin's shares jumped 20% on Friday after the British luxury carmaker announced an capital raising that will see Saudi Arabia's Public Investment Fund (PIF) become its second-largest shareholder with an almost 17% stake. PIF's 78 million pound investment, together with a 575 million pound rights issue, will allow the 109-year-old company lower its debt and invest in new models. PIF will own a 16.7% stake in Aston Martin and will be entitled to two board seats, behind the 18.3% holding Chairman Lawrence Stroll's Yew Tree will have after the rights issue. The sovereign wealth fund, which owns stakes in electric carmaker Lucid Motors and British supercar group McLaren has been diversifying its oil-rich investment portfolio. For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment means it can secure its long-term future. Its current second-largest shareholder, German carmaker Mercedes-Benz AG will own about 9.7% after the capital raising. Debt-Ridden Inheritance "In 2020, I inherited a business in deep trouble that needed to be reset," Stroll told reporters. COVID-19 lockdowns and the disruption to global supply chains has slowed the company's recovery, he added. Half of the new capital will be used to repay debt that stood at 957 million pounds at the end of March. The company also pushed back the date at which it will start producing cash from 2023 to 2024. The carmaker said former owner Italian investment group Investindustrial and China's Geely had proposed up to 1.3 billion pounds in funds last week, which the board rejected. The pair would have injected 203 million pounds for a stake, making them the largest shareholder. Stroll said the proposal would have been highly dilutive to shareholders and believed it was a takeover offer in disguise. ($1 = 0.8446 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur, Tomasz Janowski and Louise Heavens) Earnings/Financials Aston Martin

Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday. Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.  Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data. The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. Aston Martin and the PE firm did not immediately respond to requests for comment. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva) Related Video:

2021 Aston Martin DB11 Shadow Edition gives the V8 model some exclusivity

The entry-level 2021 Aston Martin DB11 with its Mercedes V8 is a very good sports car, and in some ways arguably better than the V12 versions, but it does lack some of the specialness of those with the most cylinders. Seemingly on cue, Aston Martin is bringing out a limited production DB11 Shadow Edition that's only available with the V8 engine. What sets it apart from other DB11s is that it gets lots of black trim. The exterior features darkened head- and taillights, gloss black wheels and hood "blades," and black chrome badging. The interior is finished in black leather and Alcantara with black anodized sill plates. The upholstery stitching is also matched to the brake calipers and can be had in gray, red or yellow. The Shadow Edition is available in coupe and convertible forms, but only with six color choices. For this lightly customized DB11, buyers will fork over $222,600, which is more than $20,000 more than a base V8 model. That's a lot of money for black trim, but customers are also getting exclusivity. Only 300 of these Shadow Editions will be sold globally. If you have the means and the desire for a limited production DB11, Aston is taking orders now. Related Video: