December 5, 2019 / 11:57 AM / 6 months ago

Billionaire Lawrence Stroll seeks major stake in Aston Martin -report

LONDON, Dec 5 (Reuters) - 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 carmaker’s battered share price up nearly 15% on Thursday.

The British sports car maker’s share price has slumped since its flotation in October last year. The shares launched at 19 pounds ($24.50) before dropping for months and languishing at around 5 pounds for weeks as sales have failed to meet expectations.

Stroll, who is the father of Formula One driver Lance Stroll, is heading up a consortium looking to take a “major shareholding” in Aston Martin, Autocar said on Thursday.

Aston Martin declined to comment. Racing Point did not immediately respond to an emailed request for comment.

The carmaker’s shares were up nearly 15% at 5.79 pounds at 1148 GMT. (Reporting by Costas Pitas; Editing by Susan Fenton)

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