Mercedes-Benz to take upto 20% stake in Aston Martin Lagonda Global Holdings Plc

1 min read | October 28, 2020 09:17 AM GMT | By Team Kalkine Media

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As a part of the UK carmakerAston Martin LagondaGlobal Holdings Plc’s (LON:AML) recovery plan, Germany's Daimler unitMercedes-Benz is going to raise its stakeup to 20 per cent in the company by 2023.

The deal which has been termed as a "strategic technology agreement", will allow Aston Martin to access the modern Mercedes technologies, including next-generation hybrid and electric powertrains.
The deal will expand the collaboration between the two companies going on since 2013 and will allow Aston Martinto salvage its already stretched balance sheet. It has reported adjusted core loss of £29 million in the Q3 2020 against a profit of £43 million in the same period last year.
The deal will give Mercedesthe right to nominate one non-executive director to Aston Martin’s board.
On 28 October 2020, the stocks of the company surged by 10.09% from its previous closing, hovering at around GBX 60.00at 08:11 AM GMT+1.

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