Major Aston Martin shareholder cuts stake in British carmaker

Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5per cent, a regulatory filing showed on Monday.

Aston Martin Lagonda cars parked outside the new factory at Saint Athan
FILE PHOTO: Aston Martin Lagonda cars are parked outside the new factory at Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

REUTERS: A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5per cent, a regulatory filing showed on Monday.

Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99per cent in Aston Martin as of May 29, compared with its previous stake of 19.92per cent. It was not immediately clear why the fund cut its stake. https://reut.rs/2XmLRlp

Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.

The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

Aston Martin and the PE firm did not immediately respond to requests for comment.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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