McLaren Confirms Apple Takeover Talks

Posted: Nov 22 2016, 11:54am CST | by , Updated: Nov 22 2016, 1:26pm CST, in News | Cars & Vehicles

 

McLaren Confirms Apple Takeover Talks
Credit: Getty Images
  • McLaren’s shareholders rejected Apple’s bid to sell out
 

The British automaker confirms their firm was in talks with Apple but did not reach any decision

On Friday McLaren’s CEO Mike Flewitt told Reuters they have turned down all offers of selling out to prospective buyers. According to Flewitt, the shareholders of the luxury sports car brand and the Formula One team are more committed to both of the businesses and will keep their stakes intact.

Previously we heard Ron Dennis who used to head the McLaren Technology Group (MTG) was forced out of the position. The MTG is responsible for running the Grand Prix racing team.

According to Sky News the move occurred after Dennis was in favor of a Chinese takeover while the investors were not. After making a name on the race tracks since 1963, the brand sourced into luxury cars in 2010 to rival the likes of Ferrari and Aston Martin.

McLaren’s three biggest shareholders include the Bahraini investment fund Mumtalakat, Ron Dennis and TAG. TAG is a company led by Saudi-born businessman Mansour Ojjeh.

According to Flewitt there had been a number of bids but the shareholders are comfortable with where they are currently and want to retain ownership. The statement means Flewitt will have to work out with Dennis how to move forward with the brand name. 

Flewitt also revealed they did have talks with Apple but there was never a bid from the tech giant. The news that Apple was interested in McLaren first broke back in September.

Apple came and toured McLaren’s and both parties talked about the automakers work but there was no definitive proposition. 

Although McLaren’s is relatively new in the luxury car making industry and only just made their first car in 2011 they are rapidly growing. McLaren’s is also aiming to double their number of luxury hand-made models to over 3,000 by the end of this year. 

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