Tags: apple | mclaren | takeover

Apple McLaren Takeover Talks Reported But Claim Seems to Be Unfounded

Image: Apple McLaren Takeover Talks Reported But Claim Seems to Be Unfounded

A McLaren 675LT is displayed during the Geneva Motor Show 2016 on March 2, 2016, in Geneva, Switzerland. (Harold Cunningham/Getty Images)
 

By    |   Wednesday, 21 Sep 2016 03:50 PM

Although Apple was reported by several sources Wednesday to be seeking a takeover of British carmaker McLaren, those reports now appear unfounded.

Hours after the Financial Times reported Apple had approached McLaren about an investment or takeover, a McLaren spokesperson denied being in any kind of discussion with Apple.

“Ars has spoken to McLaren, and the company refutes any reports about a potential deal with Apple,” read an Ars Technica update to a report on the possible takeover, along with a statement from McLaren: "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment."

The Financial Times story reported Apple was seeking to buy McLaren to help in developing self-driving electric car technology it has been working on since 2014. The potential sale price was expected to be between $1 and $1.5 billion.

Hundreds of engineers had been working at Apple to develop the electric car technology, but in the last few weeks, many employees have left as Apple looked to refocus on the power systems of such a car rather than the car itself, FT reported. Experts had not expected Apple to enter the automotive industry for a few more years.

McLaren makes high-end cars, some valued at $1 million and up, as well as Formula One race cars.

Apple also could be interested in their engineering and consulting expertise and their extensive portfolio of patents, according to Ars Technica. Furthermore, because McLaren is British, it could give Apple a big tax break if it acquired the carmaker.

Despite all of these advantages, it appears McLaren and Apple are not (yet) in any talks. The reports don’t specifically say Apple hasn’t tried to approach McLaren, only that they aren’t in negotiations now.

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Although Apple was reported by several sources Wednesday to be seeking a takeover of British carmaker McLaren, those reports now appear unfounded.
apple, mclaren, takeover
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2016-50-21
Wednesday, 21 Sep 2016 03:50 PM
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