Stroll steps up to the plate to block Chinese Geely aggressive moves in a bid to takeover the Aston Martin manufacturer and Formula 1 team. While the Chinese Geely wanted to buy Aston Martin, Lawrence Stroll increased his stake in the brand to block them.
In January 2020, the Canadian billionaire Lawrence Stroll bought Aston Martin by becoming the main shareholder via his consortium Yew Tree Overseas Limited. He took the opportunity to place his son Lance as the titular driver of the new Aston Martin Racing team in Formula 1 and now holds 28.29% of the brand’s shares, again via his consortium. The businessman has just increased his stake (previously 19%) by injecting more than 50 million pounds sterling (56.62 million euros).
According to Autocar, Lawrence Stroll has stepped up his stake to remain the majority shareholder of Aston Martin and to repel Geely’s attempt to buy it outright.
The Chinese manufacturer has owned 7.6% of the Gaydon-based brand since September 2022. And according to Bloomberg analysts, the Chinese giant was preparing a full takeover of Aston Martin. Lawrence Stroll recently turned down a £1.3 billion (€1.47 billion) offer from Geely to become the sole owner of Aston Martin.
Chinese takeover of manufacturers
Geely already owns the Volvo and Polestar brands as well as a 10% stake in the Daimler-Benz group. The Chinese giant also owns Lotus and is preparing to become co-owner of the new ‘Renault Horse division’.
As part of reported plans to separate itself into EV and internal combustion engine divisions, Renault is selling its engine-making division to Geely and an unnamed oil company. According to Reuters the Renault Group is planning to announce the split some time in the northern autumn.
The so-called “Horse” division will be based outside of France, and house the automaker’s petrol, hybrid and transmission production facilities across Europe (Spain, Portugal, Turkey, and Romania) and Latin America.
Reuters‘ two sources say Renault will retain a 40 per cent of this unit, while Geely will buy 40 per cent and the unnamed oil firm the remaining 20 per cent. All up this division is expected to directly employ around 10,000 people.
Geely is definitely looking aggressive on all fronts and with a serious intention to buy a real jewel with Aston Martin. But for the moment, Aston Martin is resisting.
Aston Martin are not Goodwood based …. Basic fact incorrect !
Gaydon in the mind, Goodwood on the keyboard!
It will happen in time
Aston Martin, yep Bob milani from new Zealand Auckland city Avondale 1026 merry xmas happy new year 🙏🙏🙏 send me a billion dollars plus job for new year china cheers an GOD BLESS US ALL AMEN,
Farming China taking over everything. Passive warfare all the while turning the world to sh1t
There is no Daimler Benz Group. It was split up over a year ago
He’ll with the Chinese all they bring is misery I should know as I got covid19 right now
embrace the ch1nkpill
China is a problem in more ways than one
We need to have a law to prevent these Chinese takeovers. It’s crazy to sell our know-how and our industries to the Chinese. The only way to stop it is by legal edict as otherwise greedy people will sell their soul to the devil. Well done Mr Stroll.
Lawrence Stroll allows his ego to take over common sense.
He should grab the over priced offer and run.
while the going is not so good.
Geely can take Aston Martin when they want. they not get where they are by veing stupid, if Stroll think they would offer more.
I time, like all the resr, with firece competition Aston Martin is going to slide, and Stroll will eithee go bust or accept a very significant new offer.
Common sense & wisdom should prevail
Pride & Ego always goes before a fall