Saudi wealth fund to take Aston Martin stake

STORY: British car maker Aston Martin is getting a major new shareholder.

Saudi Arabia's Public Investment Fund - or PIF - will become the luxury brand's second-largest stakeholder.

The fund will take an almost 17% slice of the firm.

Chairman Lawrence Stroll owns a little more.

Investors seemed happy with Friday's (July 15) news, sending shares up by a fifth.

The PIF is due to put around $92 million into Aston Martin - most famous for being James Bond's car of choice.

There will also be a rights issue to raise about $680 million.

The new money should help the company lower its debt and invest in new models.

It's the latest move by the PIF to diversify its oil-rich investment portfolio.

It also owns stakes in British supercar group McLaren and electric car maker Lucid Motors.

Aston Martin will hope the new deal means it can secure its long-term future.

The firm has gone bankrupt seven times in its history.

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