Geely’s Chinese billionaire eyes bigger stake in Aston Martin

Geely’s Chinese billionaire eyes bigger stake in Aston Martin

London: Chinese billionaire Li Shufu is considering boosting his stake in Aston Martin Lagonda Global Holdings Plc over time to foster collaboration with the struggling luxury-car maker, according to people familiar with the matter. Li, whose Zhejiang Geely Holding Group Co. acquired a 7.6 per cent stake in the quintessentially British brand last month, is interested in raising that shareholding close to 10 per cent in the future, the people said, asking not to be identified as discussions are private. Such a move could pave the way for more sharing of technology and electrification know-how. Geely’s considerations are early stage and it could opt to stay at the current shareholding level, the people said. Any attempt to gain too much control could run into opposition from existing shareholders including Saudi Arabia’s Public Investment Fund and Canadian billionaire Lawrence Stroll. Geely Holding currently has no plans to raise its stake in Aston Martin, the company said in a statement. A representative for Aston Martin declined to comment. Once touted as a peer to Ferrari NV, Aston Martin has suffered a number of setbacks since its initial public offering in 2018. With dwindling cash and rising debt, the manufacturer sought a rescue