Stroll sets sights on Aston Martin

Canadian billionaire Lawrence Stroll is emerging as the front-runner to buy a stake in luxury carmaker Aston Martin Lagonda as interest from a rival Chinese investor wanes, people with knowledge of the matter told Bloomberg.

Chinese tycoon Li Shufu’s Zhejiang Geely Holding Group is cooling on the idea of a deal with Aston Martin, the people said. Aston Martin could decide on its plan of action as early as this month, they said.

Stroll has been discussing a potential investment of about $261m (R3.8bn) in the British automobile manufacturer. Aston Martin spoke to several investors about a potential capital increase as it makes a final effort to bring in fresh funding.

No final agreements have been reached, and the manufacturer could fail to reach an agreement or decide against bringing in new investors, the people said. Representatives for Aston Martin and Geely declined to comment, while a representative for Stroll couldn’t immediately be reached for comment.