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Major Aston Martin shareholder cuts stake in British carmaker – Metro US

Major Aston Martin shareholder cuts stake in British carmaker

Aston Martin Lagonda cars parked outside the new factory at
Aston Martin Lagonda cars parked outside the new factory at Saint Athan

(Reuters) – A top Aston Martin <AML.L> shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday.

Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake. https://reut.rs/2XmLRlp

Investindustrial is the company’s second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.

The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

Aston Martin and the PE firm did not immediately respond to requests for comment.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D’Silva)

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