Wolff purchases shares in Aston Martin
Sunday 19th April, 2020 - 8:17am
Mercedes-AMG F1 Team Principal Toto Wolff has bought shares in Aston Martin, the marque led by Lawrence Stroll which will replace the ‘Racing Point’ name on the grid next year.
Wolff has picked up 4.77 percent of Aston Martin Lagonda Global Holdings plc, a stake which will be diluted to 0.95 percent on the next trading day due to a rights issue, according to documents released by the company.
Although the transaction could be construed as creating a conflict of interest, it should be noted that Mercedes parent Daimler is also a shareholder of and supplier to Aston Martin.
Mercedes’ factory Formula 1 team also sells engines and other parts to Racing Point, which will become the Aston Martin F1 Team in 2021 after Stroll acquired a significant stake in the British marque earlier this year.
A Mercedes spokesperson said, “Fully diluted following the pending rights issue on Monday, this investment will represent a 0.95% stake in the company.
“It is a financial investment and Toto’s partnership and executive role with Mercedes are unaffected by the transaction.”
Wolff, a personal friend of Stroll, also owns 30 percent of the Mercedes-AMG F1 Team, with which he is in the final year of his current contract.
He Austrian newspaper Osterreich earlier this month, “My participation in Mercedes is solid, my contract runs until the end of 2020, and we are still in good discussions about what we want to do together.
“We are discussing. But all of this has been pushed into the background by Corona.”