Supercar maker McLaren says not in discussion with Apple
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
LONDON (Reuters) - McLaren damped down a report on Wednesday that Apple Inc had made an approach for the British Formula One team owner and supercar maker.
"We can confirm that McLaren is not in discussion with Apple in respect of any potential investment," a McLaren spokesman said.
"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."
The Financial Times newspaper, citing three sources it said had been briefed on negotiations, had reported that Apple had made an approach for a strategic investment or a potential buyout.
It reported that the automotive group could be valued at between 1 billion pounds ($1.3 billion) and 1.5 billion pounds. (http://on.ft.com/2cUU1ax)
Reports have suggested that Apple, which had no immediate response to the Financial Times story, is working on a self-driving car. The iPhone maker has hired dozens of automotive experts over the past year and is exploring making charging stations for electric cars. Apple also invested $1 billion in Chinese ride-hailing service Didi Chuxing earlier this year.
The McLaren Formula One team is partnered by Honda, who provide the power units. The team is the second most successful after Ferrari in terms of race wins and titles but has not won a grand prix since 2012.
(Reporting by Alan Baldwin in London and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Susan Fenton)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- California lawmakers seek to fight Trump deportation efforts
- White House decries fake news that led to pizzeria shooting
- Ukraine ready to join trilateral gas talks in Brussels