Major Aston Martin shareholder trims stake in iconic carmaker
One of Aston Martin’s largest shareholders has trimmed its stake in the iconic British carmaker by five per cent, a regulatory filing showed today.
Italian private equity firm Investindustrial Advisers disclosed a stake of 14.99 per cent, down from a previous stake of 19.92 per cent.
The reason behind the decision to cut the stake by a quarter was not shared, but Investindustrial Advisers remains Aston Martin’s second-biggest stakeholder, behind Canadian billionaire Lawrence Stroll.
The news comes after last week Andy Palmer stepped down as chief executive after a tenure in which the carmaker’s share price has collapsed 98 per cent.
Palmer will be replaced by senior Mercedes executive Tobias Moers from 1 August.
Moers will have his work cut out, with Aston Martin reporting a £119m loss in the first quarter due to the coronavirus crisis.
The results were the first since Stroll took a 25 per cent stake in the company and became its executive chairman after leading a £536m raise.
The iconic firm is attempting a “reset” over the coming year after a disastrous period for the business since listing in October 2018.
Finance chief Mark Wilson has also stepped down as part of the wide-ranging management shake-up.
City PM has contacted Aston Martin and Investindustrial for comment.