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.

PROMOTED VIDEO
News
ebooksNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Reach Volunteering: Trustee – PR& Marketing, Social Care, Commercial skills

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...

Reach Volunteering: Charity Treasurer

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...

SThree: Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...

Ampersand Consulting LLP: Markit EDM (CADIS) Developer

£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...

Day In a Page

Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible
Look what's mushrooming now! Meat-free recipes and food scandals help one growing sector

Look what's mushrooming now!

Meat-free recipes and food scandals help one growing sector
Neil Findlay is more a pink shrimp than a red firebrand

More a pink shrimp than a red firebrand

The vilification of the potential Scottish Labour leader Neil Findlay shows how one-note politics is today, says DJ Taylor
Bill Granger recipes: Tenderstem broccoli omelette; Fried eggs with Mexican-style tomato and chilli sauce; Pan-fried cavolo nero with soft-boiled egg

Oeuf quake

Bill Granger's cracking egg recipes
Terry Venables: Wayne Rooney is roaring again and the world knows that England are back

Terry Venables column

Wayne Rooney is roaring again and the world knows that England are back
Michael Calvin: Abject leadership is allowing football’s age-old sores to fester

Abject leadership is allowing football’s age-old sores to fester

Those at the top are allowing the same issues to go unchallenged, says Michael Calvin