McLaren shareholders declines bids, refuses to sell

Hybrid Three Seat McLaren F1

Investors in McLaren‘s Formula One team and high-end cars sister company are dedicated to both companies and have refused bids from prospective buyers, the CEO of the brand’s automobile firm informed.

Ron Dennis, who headed the McLaren Technology Group (MTG) that operates the Grand Prix racing group, was displaced this week after exactly what Sky News stated was a dispute over a Chinese takeover bid that Dennis backed and other financiers opposed.

Founded in 1963 by Bruce McLaren and understood for winning titles with drivers such as Lewis Hamilton, the British brand name established a different sports cars maker known as McLaren Automotive in 2010 to compete others such as Ferrari and Aston Martin.

Its President, Mike Flewitt, told that there had been interest in the brand, however investors were devoted to keeping their stakes in both companies.

Bahrain’s Mumtalakat, Ron Dennis and TAG, a company led by Saudi-born businessman Mansour Ojjeh, are the automobile firm’s three biggest investors, as well as own entire MTG.

“There have been numerous bids,” Flewitt said.

“I am comfortable with where our present investors are that they want to maintain ownership of the company … They want to establish both companies. I truly think they are really devoted to them,” he stated.

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