LONDON — Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the carmaker's battered share price up nearly 15% on Thursday.
The British sports car maker's share price has slumped since its initial public offering in October last year. The shares launched at 19 pounds ($24.50) before dropping for months and languishing at around 5 pounds for weeks as sales have failed to meet expectations. Its major shareholder is Strategic European Investment Group from Italy, which holds about a third of the company.
Stroll is the father of Formula One driver Lance Stroll, and is also famed for his car collection, regarded as one of the best collections of Ferraris in the world.
Stroll is heading up a consortium looking to take a "major shareholding" in Aston Martin, Autocar said on Thursday.
Two weeks ago, Aston unveiled the DBX, its first SUV, and is pinning its hopes on the model's success.
Aston Martin declined to comment. Racing Point did not immediately respond to an emailed request for comment.
The carmaker's shares were up nearly 15% at 5.79 pounds Thursday.