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Aston Martin's Largest Shareholder Considers To Increase Stake; Stock Up

Shares of Aston Martin Lagonda Global Holdings plc (AML.L) were gaining around 3 percent in the early morning trading in London after the British luxury carmaker's largest shareholder said it is considering the possibility to increase its stake in the company.

Strategic European Investment Group S.a.r.l., affiliated to Italian private equity group Investindustrial Advisors Limited, said it is planning to make a cash offer for 6.84 million shares in Aston Martin. The partial offer for approximately 3 percent stake is at 10 pounds per share.

Investindustrial already holds 31 percent stake in Aston Martin.

In a statement, Strategic European Investment said it has received irrevocable undertakings from existing shareholders including Primewagon (Jersey) Limited, Adeem Automotive Manufacturing Company Limited and Asmar Limited.

It has also received an irrevocable undertaking from Daimler AG to provide its approval of the partial offer regarding all of its shares in Aston Martin, representing about 4.2% stake.

The possible offeror has time till July 29 to either to make an offer for Aston Martin or to announce that it does not intend to make an offer.

In London, Aston Martin shares were trading at 1,029.60 pence, up 2.45 percent.

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