Aston Martin Lagonda Glob.Hldgs PLC Aston Martin Lagonda and Mercedes-Benz AG (8151D)
June 26 2023 - 2:00AM
UK Regulatory
TIDMAML
RNS Number : 8151D
Aston Martin Lagonda Glob.Hldgs PLC
26 June 2023
26 June 2023
Aston Martin Lagonda Global Holdings plc
Aston Martin Lagonda and Mercedes-Benz AG announce amendment and
restatement of Strategic Co-operation Agreement
-- Aston Martin and Mercedes-Benz AG to continue long-term
strategic co-operation, supporting the delivery of current and
future generation Aston Martin vehicles
-- Amendment and restatement of the Strategic Co-operation
Agreement ("SCA") will see the original agreement to issue
additional Aston Martin shares to Mercedes-Benz in exchange for
access to further technology replaced with a restated commitment to
the existing strategic collaboration allowing the parties to
discuss future access to technology for cash
-- No further consideration shares, or related cash top up payments, will be issued or paid to Mercedes-Benz under the SCA
-- Mercedes-Benz to remain a long-term strategic partner and
c.9% shareholder in Aston Martin and to retain current
representation on the Aston Martin Board of Directors
Aston Martin Lagonda Global Holdings plc ("Aston Martin", "Aston
Martin Lagonda" or the "Company") and Mercedes-Benz AG) ("MBAG" or
"Mercedes") today announce that they have agreed to amend and
restate the Strategic Co-operation Agreement ("SCA"), originally
entered into on 27 October 2020.
As previously announced by the Company, the SCA provided the
Company with access to a wide range of MBAG's technology, in
consideration for which Aston Martin agreed to issue consideration
shares in at least two tranches by no later than July 2024. The
second of these tranches currently remains unissued. The amendment
agreed between the parties today will see the agreement to issue
this second tranche of consideration shares replaced with a
restated commitment to the existing strategic collaboration between
Aston Martin and MBAG in connection with the potential future
supply of MBAG technology to Aston Martin, payable for in cash.
Mercedes-Benz AG will continue to provide Aston Martin with
access to a range of world-class technologies, including powertrain
and electric/electronic architectures for current and future
generation Aston Martin vehicles, including internal combustion
engine, hybrid and electric vehicles.
Underscoring the continued long-term partnership between the
Company and MBAG, the Relationship Agreement entered into between
them on 27 October 2020 will remain in place, in accordance with
which MBAG will retain representation on the Aston Martin Board of
Directors. MBAG likewise preserves its shareholding in the Company,
which on the date of this announcement represents approximately
9.4% of the Company's issued share capital.
The Company also this morning separately announces its intention
to form a strategic supply agreement with Lucid Group, Inc.
("Lucid") to provide Aston Martin with access to Lucid's
industry-leading technology for Aston Martin's battery electric
vehicles. As part of the amendment and restatement of the SCA, MBAG
has waived any rights or obligations (including any termination
rights) under the SCA that may have otherwise arisen in connection
with the proposed partnership with Lucid.
Lawrence Stroll, Executive Chairman of Aston Martin, said : "I
am delighted to continue our long-term partnership with
Mercedes-Benz and appreciate their ongoing support of Aston Martin.
This amendment provides clarity and will see both companies
continue our long-standing relationship, providing us with access
to Mercedes' world-class technologies as we bring our new range of
breathtaking products to market over the coming years."
Franz Reiner, Non-Executive Director and Mercedes-Benz AG
Representative, said: "As a long-term shareholder, Mercedes-Benz
supports Aston Martin's future development as an independent luxury
carmaker. Today's revised cooperation agreement is the best of both
worlds: It ensures that Aston Martin continues to have access to a
wide range of Mercedes-Benz technologies, while at the same time
giving the iconic British carmaker the opportunity to explore new
opportunities which fit its specific needs."
Regulatory Disclosures
This announcement includes inside information as defined in
Article 7 of the UK Market Abuse Regulation No. 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 and is being released on behalf of the
Company by Liz Miles, Company Secretary.
Enquiries
Investors and Analysts
Sherief Bakr Director of Investor Relations +44 (0)7789 177547
sherief.bakr@astonmartin.com
Holly Grainger Deputy Head, Investor Relations +44 (0)7442 989551
holly.grainger@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate and Brand +44 (0)7501 380799
Communications paul.garbett@astonmartin.com
Edward Taylor Head of Business and Finance +49 176 3094 1776
Communications, Mercedes-Benz edward.taylor@mercedes-benz.com
Group AG
Teneo
Harry Cameron +44 (0)20 7353 4200
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