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Daimler : Italian fund denies seeking to raise stake in Aston Martin

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12/10/2017 | 06:07pm CEST
A company logo is seen on the new Aston Martin Vantage car at a media event in Gaydon, Britain

MILAN (Reuters) - Italy's Investindustrial is not in talks to increase its stake in Aston Martin and no decision has been taken on a possible stock market listing for the British carmaker, the private equity group said, denying an earlier newspaper report.

Italian daily Il Messaggero had reported on Sunday that the fund was in advanced negotiations to raise its stake in the maker of the famous sports car driven by fictional secret agent James Bond to 50 percent from 37.5 percent by the end of the year and that it aimed to list the company next summer.

The report had added that the fund, led by founder Andrea Bonomi, was to buy shares from other stakeholders, including a consortium of Kuwaiti investors, which currently holds 54.5 percent, Daimler and the group's management.

A London-based spokesman for Investindustrial denied the report. "Because of the recent good performance of the Aston Martin business, none of the shareholders want to sell," the spokesman said.

Aston Martin last month said it was on course to post its first annual pretax profit since 2010, helped by strong demand for the luxury automaker's DB11 sports car.

There are no discussions on ownership structure at the moment, the spokesman said, adding that the situation could change in the future "given it is a private equity fund and it might eventually want to monetise (its) assets".

He also said that no decision had been taken about a possible initial public offering (IPO).

Aston Martin said in an email to Reuters that it did not "have any comment to make on this speculation".

The group's Chief Executive Andy Palmer has repeatedly said that the decision and timing of an IPO were matters for the shareholders but that it made sense for them to consider the option before the end of the company's turnaround plan, which is due to complete in 2022.

(Reporting by Giulia Segreti; Editing by Keith Weir and David Goodman)

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Financials (€)
Sales 2018 170 B
EBIT 2018 14 482 M
Net income 2018 10 057 M
Finance 2018 15 041 M
Yield 2018 5,60%
P/E ratio 2018 6,95
P/E ratio 2019 6,75
EV / Sales 2018 0,32x
EV / Sales 2019 0,27x
Capitalization 69 668 M
Duration : Period :
Daimler Technical Analysis Chart | DAI | DE0007100000 | 4-Traders
Technical analysis trends DAIMLER
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 79,0 €
Spread / Average Target 21%
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Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Bodo K. Uebber Head-Finance & Controlling
Clemens A. H. Boersig Member-Supervisory Board
Sari Maritta Baldauf Member-Supervisory Board
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