Aston Martin Lagonda (AML) saw its share price surge nearly 20% on Thursday as rumours emerged that Canadian billionaire Lawrence Stroll is mulling buying the cash-strapped car maker.
Shares in Aston Martin jumped more than 19% to 599p as talk of the possible takeover gripped investors.
Stroll is the father of Formula One racing driver Lance Stroll and owner of the F1 Racing Point team. He is believed to be pulling together a financing team that would see him take a controlling stake in Aston Martin. The company has, as yet, made no comment.
DEBTS AND SLOW SALES
Aston Martin continues to grapple with sluggish sales, muted cash flows and hefty debts as it pins its future growth to the launch of its first sport-utility vehicle, the DBX, which won’t start deliveries until the middle of next year.
The British sports car maker's share price has collapsed in the wake of its high profile IPO in October 2018, when it floated at £19 per share. Since then the stock has steadily declined, slumping close on 50% in July this year as rumours swirled around the firm’s need to raise extra cash.
