Italian fund denies seeking to raise stake in Aston Martin | Reuters

MILAN (Reuters) - Italy’s Investindustrial is not in talks to increase its stake in British carmaker Aston Martin and no decision has been taken regarding a possible stock market listing of the company, a spokesman for the private equity group said, denying an earlier newspaper report. A company logo is seen on the new Aston Martin Vantage car at a media event in Gaydon, Britain November 20, 2017

Reuters December 10, 2017 22:30:17 IST
Italian fund denies seeking to raise stake in Aston Martin | Reuters

Italian fund denies seeking to raise stake in Aston Martin  ReutersMILAN (Reuters) - Italy’s Investindustrial is not in talks to increase its stake in British carmaker Aston Martin and no decision has been taken regarding a possible stock market listing of the company, a spokesman for the private equity group said, denying an earlier newspaper report. A company logo is seen on the new Aston Martin Vantage car at a media event in Gaydon, Britain November 20, 2017. REUTERS/Phil NobleItalian daily Il Messaggero had reported on Sunday that the fund was in advanced negotiations to raise its stake in the maker of the famous sports car driven by fictional secret agent James Bond to 50 percent from 37.5 percent by the end of the year, and that it aimed to list the company next summer.The report had added that the fund, led by founder Andrea Bonomi, was to buy shares from other stakeholders, including a consortium of Kuwaiti investors, which currently holds 54.5 percent, Daimler and the group’s management. A London-based spokesman for Investindustrial denied the report. “Because of the recent good performance of the Aston Martin business, none of the shareholders want to sell,” the spokesman said. Aston Martin said last month it was on course to post its first annual pre-tax profit since 2010 helped by strong demand for the luxury automaker’s DB11 sports car. There were no discussions on ownership structure at the moment, the spokesman added, although not ruling out that there could be in the future “given it is a private equity fund and it might eventually want to monetise (its) assets”. He also said that no decision had been taken regarding a possible initial public offer (IPO). Aston Martin was not immediately available for comment. The group’s Chief Executive Andy Palmer has repeatedly said that the decision and the timing of an IPO were matters for the shareholders but that it made sense for them to consider the option before the end of the company’s turnaround plan, which is due to complete in 2022.

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