McLaren have poured cold water on reports that Apple were looking to buyout the company that owns Formula 1’s second most successful team of all time.
Amid a flurry of reports on Wednesday, Michael Flewitt, chief executive officer of the automotive unit stated: “We can confirm that McLaren is not in discussion with Apple in respect of any potential investment.”
“As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential.”
The Financial Times newspaper, citing three sources it said had been briefed on negotiations, reported that Apple had made an approach for a strategic investment or a potential buyout.
The McLaren Technology Group – which includes the Formula 1 team, McLaren Automotive and McLaren Applied Technologies – is 55 percent owned by Mumtalakat Holding Company, the investment arm of the Bahrain royal family.
The next two biggest shareholders are TAG Group Ltd. with 11 percent, and McLaren Chairman Ron Dennis with 10 percent.
The McLaren automotive group is valued at between $1.3 billion and $2 billion pounds, which means that Dennis would walk away with anything from $130 million to $200 million should he elect to sell his share of the business.
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