Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is...
LONDON - 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 luxury sports car maker’s battered shares up 17% on Thursday.
Racefans.net said Racing Point could be rebranded as Aston Martin if Stroll succeeded in taking a controlling stake.The carmaker’s shares were up nearly 17% at 5.88 pounds at 1414 GMT, valuing the business at about 1.3 billion pounds, but still far below their initial public offering price of 19 pounds.
A month later, Aston raised $150 million in debt at 12% interest, hiking its borrowing costs, to bolster its balance sheet for the launch of its DBX sports utility vehicle next year, with the option for another $100 million. Aston will be competing in the World Endurance Championship and the Le Mans 24 Hours with its Valkyrie hypercar from 2021.Stroll, a collector of vintage Ferraris, has been involved in Formula One and motor racing for years and also owns Canada’s Mont Tremblant circuit in Quebec.
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