DaimlerChrysler buys stake in McLaren

DAIMLERCHRYSLER, the fifth-largest carmaker in the world, has agreed to buy a 40 per cent stake in TAG McLaren Group, one of the most successful makers of Formula One racing cars, for around pounds 300m.

The acquisition will help DaimlerChrysler develop its own sports cars. It will give the German-American giant roughly half of the McLaren Formula One racing team, currently owned by Mansour Ojjeh, a Saudi businessman, and Ron Dennis, head of the Grand Prix team.

In a separate statement, the German firm and UK-based McLaren, winner of eight Formula One world championships, said on Friday that they would invest pounds 130m in a MacLaren factory in Woking to manufacture a Mercedes super sports car that will go on sale in 2003.

DaimlerChrysler said yesterday that it only has an option to buy the Tag Mclaren stake and the terms of the purchase will only be disclosed when all details have been completed.

Jurgen Schremp, DaimlerChrysler chief executive, said: "This is another element of our strategy to enhance products and differentiate the Mercedes- Benz brand in an increasingly competitive market.''

The two firms have been Formula One racing partners since 1995 when DaimlerChrysler's Mercedes Benz started supplying engines for the McLaren Mercedes Formula One cars, a combination which helped Finland's Mika Hakkinen to become world champion last year.

The new Mercedes super sports car, the Mercedes SLR, is scheduled to be built in the TAG McLaren factory under construction in Woking. The companies estimate that they will sell about 500 cars each year.

The car will include features such as a lightweight, carbon- fibre body and a 544-horsepower V8 engine. While Mercedes and McLaren didn't disclose a price, German weekly Welt am Sonntag reported the car will cost about pounds 170,000.

Nicola Foulston, chief executive of Brands Hatch Leisure, will step up her attempts to buy Silverstone racetrack this week by tabling a formal bid of pounds 43m for the track, which yesterday hosted the British Grand Prix.

Ms Foulston has been stalking Silverstone with the support of Bernie Ecclestone, the Formula One boss, who recently agreed to switch the British Grand Prix to Ms Foulston's Brands Hatch from 2001 if Silverstone's owners refuse to sell.

So far Silverstone's owners, the British Racing Drivers Club (BRDC), chaired by Lord Hesketh, have rebuffed Ms Foulston's approaches, preferringtheir own demutualisation plans. Ms Foulston is set to write to the BRDC's 832 members offering them windfalls of up to pounds 60,000 each if they accept her bid.

Life and Style
Arts and Entertainment
Southern charm: Nicolas Cage and Tye Sheridan in ‘Joe’
filmReview: Actor delivers astonishing performance in low budget drama
Arts and Entertainment
While many films were released, few managed to match the success of James Bond blockbuster 'Skyfall'
Arts and Entertainment
Up my street: The residents of the elegant Moray Place in Edinburgh's Georgian New Town
tvBBC's The Secret History of Our Streets reveals a fascinating window into Britain's past
Albus Dumbledore, the headmaster of Hogwarts School of Witchcraft and Wizardry has been the teaching profession's favourite teacher
ebookA unique anthology of reporting and analysis of a crucial period of history
Luis Suarez looks towards the crowd during the 2-1 victory over England
Life and Style
Cheesecake frozen yoghurt by Constance and Mathilde Lorenzi
food + drinkThink outside the cool box for this summer’s frozen treats
John Barrowman kisses his male “bride” at a mock Gretna Green during the Commonwealth Games opening ceremony
peopleBarrowman's opening ceremony message to Commonwealth countries where he would be sent to prison for being gay
Sir Bradley Wiggins removes his silver medal after the podium ceremony for the men’s 4,000m team pursuit in Glasgow yesterday
Commonwealth games Disappointment for Sir Bradley in team pursuit final as England are forced to settle for silver
Alistair Brownlee (right) celebrates with his gold medal after winning the men’s triathlon alongside brother Jonny (left), who got silver
England's Jodie Stimpson won the women’s triathlon in the morning
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Junior Research Analyst - Recruitment Resourcer

£18000 - £20000 per annum + OTE £25K: SThree: SThree Group has been well estab...

Senior Analyst - Financial Modelling

competitive: Progressive Recruitment: This really is a fantastic chance to joi...

Associate CXL Consultant

£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...

Business Anaylst

£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...

Day In a Page

Backhanders, bribery and abuses of power have soared in China as economy surges

Bribery and abuses of power soar in China

The bribery is fuelled by the surge in China's economy but the rules of corruption are subtle and unspoken, finds Evan Osnos, as he learns the dark arts from a master
Commonwealth Games 2014: Highland terriers stole the show at the opening ceremony

Highland terriers steal the show at opening ceremony

Gillian Orr explores why a dog loved by film stars and presidents is finally having its day
German art world rocked as artists use renowned fat sculpture to distil schnapps

Brewing the fat from artwork angers widow of sculptor

Part of Joseph Beuys' 1982 sculpture 'Fettecke' used to distil schnapps
BBC's The Secret History of Our Streets reveals a fascinating window into Britain's past

BBC takes viewers back down memory lane

The Secret History of Our Streets, which returns with three films looking at Scottish streets, is the inverse of Benefits Street - delivering warmth instead of cynicism
Joe, film review: Nicolas Cage delivers an astonishing performance in low budget drama

Nicolas Cage shines in low-budget drama Joe

Cage plays an ex-con in David Gordon Green's independent drama, which has been adapted from a novel by Larry Brown
How to make your own gourmet ice lollies, granitas, slushy cocktails and frozen yoghurt

Make your own ice lollies and frozen yoghurt

Think outside the cool box for this summer's tempting frozen treats
Ford Fiesta is UK's most popular car of all-time, with sales topping 4.1 million since 1976

Fiesta is UK's most popular car of all-time

Sales have topped 4.1 million since 1976. To celebrate this milestone, four Independent writers recall their Fiestas with pride
10 best reed diffusers

Heaven scent: 10 best reed diffusers

Keep your rooms smelling summery and fresh with one of these subtle but distinctive home fragrances that’ll last you months
Commonwealth Games 2014: Female boxers set to compete for first time

Female boxers set to compete at Commonwealth Games for first time

There’s no favourites and with no headguards anything could happen
Five things we’ve learned so far about Manchester United under Louis van Gaal

Five things we’ve learned so far about United under Van Gaal

It’s impossible to avoid the impression that the Dutch manager is playing to the gallery a little
Screwing your way to the top? Good for Lana Del Rey for helping kill that myth

Screwing your way to the top?

Good for Lana Del Rey for helping kill that myth, says Grace Dent
Will the young Britons fighting in Syria be allowed to return home and resume their lives?

Will Britons fighting in Syria be able to resume their lives?

Tony Blair's Terrorism Act 2006 has made it an offence to take part in military action abroad with a "political, ideological, religious or racial motive"
Beyoncé poses as Rosie the Riveter, the wartime poster girl who became a feminist pin-up

Beyoncé poses as Rosie the Riveter

The wartime poster girl became the ultimate American symbol of female empowerment
The quest to find the perfect pair of earphones: Are custom, 3D printed earbuds the solution?

The quest to find the perfect pair of earphones

Earphones don't fit properly, offer mediocre audio quality and can even be painful. So the quest to design the perfect pair is music to Seth Stevenson's ears
US Army's shooting star: Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform

Meet the US Army's shooting star

Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform