Aston Martin went public on the U.K. stock exchange last October, and while share prices were around £19 when it debuted, they since dropped significantly, at one point dipping below £4. Both Autocar and RaceFans.net are now reporting that Lawrence Stroll, the Canadian billionaire who owns the Racing Point Formula 1 team, has put together a consortium to make a takeover bid for Aston Martin.
Stroll apparently wants to take advantage of Aston Martin’s currently low share prices, and believes the new DBX SUV will bring the brand to consistent profitability. RaceFans.net also says that the Racing Point F1 team—which Stroll’s son Lance drives for—would become Aston Martin, with cars wrapped in British racing green.
An Aston Martin representative declined to comment on the reporting when reached by Road & Track. Stroll offered no comment to RaceFans.net either. R&T did speak to Aston Martin CEO Andy palmer at the U.S. Grand Prix last month, and asked about the company going public.
“It’s been a fairly torrid year in truth, but it doesn’t change the underlying reasons for the IPO,” Palmer said. “With my succession and the development of the company, it’s probably much safer in public hands than the whim of somebody coming in and just buying it and moving us. As it has through most of its life.”
“It wasn’t done to make my life easy,” he added, “it was done to look at the longevity of the company.”
Palmer said the DBX could be profitable from day one. The company plans on building 4000 units a year, which would make the SUV its best-selling car.
If Aston Martin were to be bought by Stroll, though, it has interesting implications for the brand’s relationship with Red Bull. Currently, Aston Martin is the title sponsor for the Red Bull F1 team, and it’s working with Red Bull Advanced Technologies on its upcoming Valkyrie and Valhalla hypercars.
Automotive News pointed out that Aston Martin shares jumped 17 percent when news of Stroll’s intentions broke.
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