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.

Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector

PARIS, France – Saudi Arabia’s industry and Mineral Resources said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly – established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push … More Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector

Saudi Arabia’s Crown Prince Arrives In Egypt, Will Visit Jordan And Turkey Next

PARIS, France – Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Egypt on Monday and was welcomed by Egyptian President Abdel – Fattah el Sisi, state news agency SPA reported. The Crown Prince’s visit to Egypt is part of a tour that will include visiting Jordan and Turkey next. The visits were based on … More Saudi Arabia’s Crown Prince Arrives In Egypt, Will Visit Jordan And Turkey Next

Sheikh Mansour Bin Zayed Establishes National Media Office in UAE

PARIS, France – Sheikh Mansour bin Zayed, the UAE’s deputy prime minister and minister of presidential affairs, on Wednesday launched the National Media Office. The unit is tasked with developing the media sector, legislation, regulations, and decisions on media development while also monitoring the implementation of legislation in coordination with the relevant authorities and administrative … More Sheikh Mansour Bin Zayed Establishes National Media Office in UAE

Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer

PARIS, France – Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company which leases out cold containers for shipping temperature – sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Denmark life … More Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer

Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

PARIS, France – Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with the foreign ministers of the Gulf Cooperation Council Countries (GCC), two Gulf officials said on Tuesday. Lavrov is expected to meet with ministers of Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Bahrain and Qatar in … More Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

Dubai Cooling Firm Empower Invited Banks To Pitch For IPO – Sources

DUBAI – Dubai’s Emirates Central Cooling System Cooperation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this years, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to … More Dubai Cooling Firm Empower Invited Banks To Pitch For IPO – Sources

Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

DAVOS, SWITZERLAND – Saudi Arabia’s finance minister said on Monday there were no immediate plans to transfer more funds to the Public Investment Fund (PIF), the sovereign wealth fund at the centre of the kingdom’s plans to diversify its economy away from oil. The PIF manages over $600 billion in assets, a figure that has … More Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

Guardiola Becomes England’s Most Successful Foreign Manager

PARIS, France – Spaniard Pep Guardiola became the most successful foreign manager in English football, in terms of league titles won, when he clinched his fourth Premier League crown on Sunday. With his latest success, the Manchester City manager moved above Frenchman Arsene Wenger and Portuguese Jose Mourinho who both have three Premier League titles … More Guardiola Becomes England’s Most Successful Foreign Manager

Qatari Foreign Minister: Iran Says It Has Matters ‘Under Review’ Over Nuclear Pact

PARIS, France – Qatar’s foreign minister said in remarks cited on Saturday by Al Jazeera TV that Qatar had been informed by Iran that matters were ‘under review’ regarding a nuclear deal between Iran and world powers. The Qatari – based TV broadcaster quoted Foreign Minister Sheikh Mohammed bin Abdulraham Al – Thani as saying … More Qatari Foreign Minister: Iran Says It Has Matters ‘Under Review’ Over Nuclear Pact

Greece Lifts COVID Curbs For Travellers Ahead Of Key Summer Season

ATHENS, Greece – Greece lifted COVID-19 restrictions on Sunday for foreign and domestic flights, its civil aviation authority said, ahead of the summer tourism season that officials hope will see revenues bouncing back from the pandemic slump. To fly in or out of the country, travellers were previously required to show either a vaccination certificate, … More Greece Lifts COVID Curbs For Travellers Ahead Of Key Summer Season

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