Geely of China in talks about taking Aston Martin stake, FT says

MSCI's broadest gauge of the world's stocks in 49 countries rose modestly to hit an all-time high

Geely is conducting due diligence as it looks at taking a stake in the 107-year-old United Kingdom firm, which warned earlier this week its 2019 profits would nearly halve due to weak European markets. The talks may lead to a technology partnership rather than a full investment, one of the people said.

Geely's chairman Li Shufu, owns a 9.69% stake in Mercedes-Benz parent Daimler. The shares of the company went into a tailspin after the profit warning falling almost 16 per cent. Its share price rose 15% on Friday after the FT broke news of the talks. Aston martin added that it was continuing to review funding options, including a potential equity capital raise.

Yet it was unclear if Geely would go ahead with an investment if Stroll did so as well, the FT said.

Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, supports efforts by the British carmaker to secure its long-term future, the source said. The 2021 regulation changes coupled with the existing infrastructure of Racing Point would save a considerable amount of money when compared to starting a team from the ground and would be an extremely attractive proposition.

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In 2019, the Aston Martin Lagonda Global Holdings reported adjusted earnings of 130 to 140 million pounds sterling as opposed to 247 million in the previous year. If not renewed, it opens the door for a motorsport collaboration with Racing Point.

Geely sells an array of cars under its Lotus, PROTON and Volvo brands.

Before joining Red Bull as a title sponsor, Aston martin had been considering entering the championship as a manufacturer.

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