June 1, 2020 / 4:44 PM / 2 months ago

Major Aston Martin shareholder cuts stake in British carmaker

FILE PHOTO: Aston Martin Lagonda cars are parked outside the new factory at Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

(Reuters) - A top Aston Martin (AML.L) shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday.

Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake. reut.rs/2XmLRlp

Investindustrial is the company’s second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.

The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

Aston Martin and the PE firm did not immediately respond to requests for comment.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva

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