Aston Martin surges 14% on Geely's $295.33 mln investment

China Oceanwide Holdings

18/05/2023 09:10

** Shares of luxury carmaker Aston Martin  AML.L  up 14% at
263.6p, among top pct gainers across London stocks
    ** China's Geely  0715.HK  to invest about 234 mln pounds
($295.33 mln) by buying AML shares at 335p apiece
    ** Geely to acquire about 42 mln shares from AML Chairman's
Yew Tree (AML's top shareholder) and subscribe for another 28
mln shares
    ** AML to get ~95 mln pounds in cash from new share issue
    ** Geely to get 17% stake in AML, making it the No.3
shareholder and giving it right to a board seat
    ** AML is on a 5-day rally in which it has gained ~30%, with
its YTD gain now at ~72%
 
 ($1 = 0.7923 pounds)

 (Reporting by Aatrayee Chatterjee in Bengaluru)
 ((Aatrayee.Chatterjee@thomsonreuters.com))