BUSINESS | Mercedes-Benz to lift Aston Martin Stake To Up to 20% By 2023

MILAN | ITALY – Daimler unit Mercedes-Benz is to lift its stake in Britain’s Aston Martin to 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 an electric drive system.

‘We take another major to step  forward as our long-term partnership with Mercedes – Benz AG moves to another level, with them becoming one of the company’s largest shareholders’, said Aston’s chairman and biggest shareholder Lawrence Stroll.

The German firm will get the right to nominate one non-executive director to Aston Martin’s board after its first shareholding increase, the London – listed firm said.

Aston, which has started deliveries of its first sport utility vehicle, the DBX, said on Tuesday it swung into an adjusted core loss of 29 million pounds in the third quarter, versus a profit of 43 million pounds last year.

Revenue in the period nearly halved to 124 million pounds, it said.

Aston Martin is targeting annual capex of 250 million pounds to 300 million pounds per year between 2021 and 2025.

It envisage production volumes about 10,000 units, revenues of about 2 billion pounds and adjusted core profit of 500 million pounds by financial years 2024 or 2025.

Sovereign Fund PIF Considers Saudi Telecom Stake Sale, Sources Say

Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom, sources close to the matter told Reuters, as the sovereign wealth fund seeks to monetise some of its assets. The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank’s investment banking arm to … More Sovereign Fund PIF Considers Saudi Telecom Stake Sale, Sources Say

Saudi Arabian, Austrian FMs Hold Joint Press Conference In Vienna

Saudi Arabia’s Foreign Minister Prince Faisal bin Frhan on Tuesday said the Kingdom has a common vision with Austria regarding the  stability of the region in a joint press conference with his Austrian counterpart Alexander Schallenberf in Vienna. Schallenberg said Saudi Arabia is his country’s largest partner in the Middle East. ‘Saudi Arabia plays a … More Saudi Arabian, Austrian FMs Hold Joint Press Conference In Vienna

Saudi Crown Prince Inaugurates $1Bn Housing And Medical Projects For Ministry Of Defense Employees

Saudi Arabia’s Crown Prince Mohammed bin Salman inaugurated eight housing projects as well as medical treatment for employees of the Ministry of Defense, the state news agency SPA reported on Sunday. The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than SR 4 billion … More Saudi Crown Prince Inaugurates $1Bn Housing And Medical Projects For Ministry Of Defense Employees

MIDEAST STOCKS Saudi Bourse Underperforms Major Gulf Markets, Qatar Gains

Most major stocks markets in the Gulf ended lower on Sunday, with the Saudi index leading the losses, although Qatar bucked the trend to close higher. The benchmark index (.TASI) in Saudi Arabia, fell 0.6% with Al Rajhi Bank and petrochemical firm Saudi Basic Industries dropping 1.8% each. The kingdom’s April crude oil exports fell … More MIDEAST STOCKS Saudi Bourse Underperforms Major Gulf Markets, Qatar Gains

Biden, Putin Discuss Ambassadors, Nuclear Weapons And More

Presidents Joe Biden and Vladimir Putin of Russia spent more than three hours discussing issues Wednesday at their Summit in Geneva. They ticked through their respective lists so quickly and in such ‘excruciating detail’, Biden says, that they looked at each other and thought. ‘OK, what nexy?’ The most pressing issues the leaders discussed: AMBASSADORS … More Biden, Putin Discuss Ambassadors, Nuclear Weapons And More

Saudi Crown Prince Mohammed Bin Salman Meets US Climate Envoy

Saudi Arabia’s Crown Prince Mohammed bin Salman met with United States Special Presidential Envoy for Climate John Kerry in Riyadh on Wednesday, the official Saudi Press Agency (SPA) reported. The two sides reviewed international efforts exported to comfront climate change initiatives, which tackle reducing emission and preserving the environment, namely the ‘Saudi Arabia Green Initiative’ … More Saudi Crown Prince Mohammed Bin Salman Meets US Climate Envoy

UAE Foreign Minister Speaks With Israeli Counterpart – Tweet

The United Arab Emirates’ foreign minister, Sheikh Abdullah Bin Zayed, discussed on a phone call with his Israeli counterpart ‘the bilateral cooperation between the two countries, in addition to the Abraham Accords’, the minister’s office wrote in a tweet on Monday. Bin Zayed congratulated the Israeli foreign minister, Yair Lapid, on his new position and … More UAE Foreign Minister Speaks With Israeli Counterpart – Tweet

Bahrain’s Crown Prince Congratulates New Israeli PM Bennett – BNA

Bahrain’s crown prince sent a congratulatory telepgraph to new Israeli Prime Minister Naftali Bennett, in which he expressed his sincere wishes to the former government for success in its tasks ‘in a way that strengthen the pillars of development, stability, and  peace in the region and the world’, Bahrain state news agency (BNA) said on … More Bahrain’s Crown Prince Congratulates New Israeli PM Bennett – BNA

Saudi Shopping Malls Opens Only To Vaccinated People From August – State TV

Saudi Arabia will bar people from entering its shopping malls unless they have been vaccinated against COVID-19, state TV reported on Sunday, citing a decision by the trade ministry that will come into effect on Aug.1. ‘Having received at least one vaccine shot will be a condition for entering commercial facilities’, the ministry said. Suadi … More Saudi Shopping Malls Opens Only To Vaccinated People From August – State TV

English FA Implore Fans Not To Boo Players Who ‘Take A Knee’

The Football Association hasve issued a statement asking England fans to respect the right of prayers to ‘take a knee’ as a protest against racial injustice, and not boo them befofre matches at the European Championship. England players were booed by some fans before two recent friendlies when they knelt – a protest borrowed from … More English FA Implore Fans Not To Boo Players Who ‘Take A Knee’

Saudi Sovereign Fund PIF To Invest In Investcorp – Aberdeen Infrastructure

Saudi Arabia’s sovereign wealth fund PIF will become an anchor investor in infrastructure fund being launch by Bahrain’s Ivestcorp and Berdeen Standard Investments. Aberdeen Standard Investcorp Infrastructure Parners (ASIIP) received a capital commitment from the $430 billion PIF for up to %20 of the total size of the fund size of the fund ahead of … More Saudi Sovereign Fund PIF To Invest In Investcorp – Aberdeen Infrastructure

Loading…

Something went wrong. Please refresh the page and/or try again.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s