Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin

Canadian billionaire Lawrence Stroll will take a roughly 20% stake in Aston Martin for nearly 200 million pounds ($263 million) as the ailing carmaker raises funds to turn around a poor performance hit by weaker-than-expected sales.

The company will raise a total of 500 million pounds, including a rights issue from existing major shareholders.

The stroll will join the board as executive chairman, replacing Penny Hughes, who will step down, the company said. ($1 = 0.7608 pounds)