DaimlerChrysler buys stake in McLaren
Monday 12 July 1999
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.
- 3 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- < Previous
- Next >
iJobs Money & Business
£50000 - £80000 per annum + benefits+bonus+package: Harrington Starr: Data Sci...
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...