Latest News / McLaren dismisses talk of takeover bid by tech giant Apple
McLaren dismisses talk of takeover bid by tech giant Apple
22 September 2016
McLaren Technology Group said it is not in talks with Apple amid rumours that the US company was considering a takeover bid.
The potential deal would see Apple fork out up to £1.5 billion for the owner of the Formula One racing team, or make an investment for part of it, according to the Financial Times.
A McLaren spokesman said: "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."
US shares in Apple were down around 0.8% in the wake of the report.
Although the technology giant is best known for its iPhone, the group has made a number of investments in the automotive sector.
It ploughed one billion US dollars (£770 million) into Chinese ride hailing app Didi Chuxing earlier this year, and is testing driver-less electric cars.
McLaren, which is loss-making, specialises in auto-engineering and is best known for its Formula One racing team and high-end luxury sports cars.
Photo from David Davies / PA Wire