FRANKFURT (Reuters) - Daimler (GER:DAI) will take a 5 percent non-voting stake in luxury sports car maker Aston Martin, the Financial Times reported on Thursday, completing a deal between the German and British car makers that was announced in July.
Daimler declined to comment on Thursday.
Under the deal, Aston Martin will to team up with Daimler's high-performance Mercedes-AMG GmbH division to develop a new generation of bespoke V8 engines for the 100-year-old British firm.
The deal will help Aston Martin, the only global luxury carmaker not attached to a larger manufacturer, spread the cost of developing new vehicles.
Aston has struggled to fund the development of a range of new vehicles while rivals like Bentley, which is owned by Volkswagen (VOWG_p.DE), and Rolls Royce, which is owned by BMW (BMWG.DE) have the ability to draw on the resources of their parent firms.
In July, Daimler said its Mercedes-AMG company will supply engines to Aston Martin, and its Mercedes-Benz unit will supply electronic components.
Aston Martin has struggled for growth since the economic downturn in 2008 and reported a 9 percent fall in 2012 profit. It sold around 3,800 cars that year - around 10 percent fewer cars than the previous year.
(Reporting by Edward Taylor; Editing by Erica Billingham)
- Mergers, Acquisitions & Takeovers
- Aston Martin