China’s Zhejiang Geely bought 7.6% stake in British luxury carmaker Aston Martin
STOCKS
China’s Zhejiang Geely bought 7.6% stake in British luxury carmaker Aston Martin
STOCKS

China’s Zhejiang Geely bought 7.6% stake in British luxury carmaker Aston Martin

 

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Chinese automaker Zhejiang Geely Holding Group said it bought a 7.6% stake in British luxury carmaker Aston Martin, without disclosing the deal value.

Based on Aston Martin’s closing share price on Sept. 28, the stake is valued at 7.55 billion pounds (US$8.39 billion). 

The stake was bought by Li Shufu, founder and chairman of Zhejiang Geely, Aston Martin said in a stock exchange filing.

“We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability,” Daniel Donghui Li, Zhejiang Geely’s chief executive officer said.