Mercedes-Benz to increase stake in Aston Martin

[BERLIN] Mercedes-Benz maker Daimler announced on Tuesday it was stepping up its technical cooperation with Aston Martin that could see the German firm take a stake of up to 20 per cent in the James Bond carmaker.

The deal gives Aston Martin access to Mercedes-Benz's next-generation hybrid and electric powertrains, as well as other vehicle components and systems.

Mercedes-Benz could see its stake in Aston Martin rise from 2.6 per cent currently up to 20 per cent, which corresponds to 286 million pounds (S$509.3 million).

"Mercedes-Benz AG has no intention to increase its holding in Aston Martin beyond this level," the automaker said in a statement.

Mercedes-Benz first provided technology for Aston-Martin in 2013, receiving a 5 per cent stake which was reduced when the carmaker listed its shares in 2018.

Earlier this year Aston Martin recruited Tobias Moers, formerly the head of Mercedes-AMG, the performance division of the German car giant, as its new CEO.

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AFP