Reuters) – Daimler DAIGn.DE unit Mercedes-Benz is to lift its stake in Britain’s Aston Martin AML.Lto up to 20% by 2023, making it one of the struggling British carmaker’s largest shareholders, Aston said on Tuesday.
Aston Martin, popular for being James Bond’s carmaker of choice, has suffered a torrid time since it floated two years ago, with its shares losing two-thirds of their value this year.
The 107-year-old firm hired Tobias Moers, former CEO of Mercedes-AMG, as its new boss from August.
Aston said the increase in Mercedes-Benz’s stake, from 2.6% currently, would take place in several stages as part of a wider issue of 250 million shares at 50 pence each.
The stock issued to the German group will have a maximum value of 286 million pounds ($372.7 million), it said.
The deal will see an existing supply agreement between the two firms, in place since 2013, expanded to give Aston Martin access to key Mercedes’ technology, including hybrid and electric brand system. http://Mercedes-Benz to lift Aston Martin stake to up to 20% by 2023