Business
Aston Martin Lagonda and Mercedes-Benz AG
Aston Martin Lagonda and Mercedes-Benz AG.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n\n26 June 2023\n \nAston Martin Lagonda Global Holdings plc\n \nAston Martin Lagonda and Mercedes-Benz AG announce amendment and restatement of Strategic Co-operation Agreement\n \n· Aston Martin and Mercedes-Benz AG to continue long-term strategic co-operation, supporting the delivery of current and future generation Aston Martin vehicles\n· 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\n· No further consideration shares, or related cash top up payments, will be issued or paid to Mercedes-Benz under the SCA\n· 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\nAston 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.\nAs 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.\nMercedes-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.\nUn...