DaimlerChrysler acquires an interest in TAG McLaren
Stuttgart, Auburn Hills, MI, February 3, 2000
  • Option to buy 40 percent shareholding exercised
  • Long-term continuation of Formula One partnership
  • Prof. Jürgen Hubbert: "The result of a close and beneficial relationship"
  • Ron Dennis: "An historic milestone in the further development of the TAG McLaren Group"
Stuttgart - DaimlerChrysler today announced that its option to buy shares in the TAG McLaren Group has been exercised. The option agreement had been signed in July of last year. As of January 2000 DaimlerChrysler owns a 40 percent stake in the Group. Ron Dennis and TAG Group S.A., who will continue to be in charge of operational management control, own stakes of 30 percent each. It has been agreed that the purchase price for the shares will be kept confidential.
Simultaneously, Mercedes-Benz and McLaren International confirmed the long-term continuation of their highly successful collaboration in the field of Formula One motorsport. The current World Champion, Mika Hakkinen, is a member of the West McLaren Mercedes team which was the winner of both the Constructors' and Drivers' Championships in 1998 - in the fourth year of the McLaren-Mercedes partnership in Formula One. McLaren is one of the most successful teams in Formula One, having won eight Formula One Constructors' World Championships and a record 11 Drivers' World Championships.
The announcement follows the earlier decision by DaimlerChrysler and McLaren Cars Ltd. to jointly develop the Mercedes-McLaren SLR super sports car and bring it to the market in 2003. In conjunction with this project, the two partners will invest in the development and production of the SLR as well as in the construction of a new production facility as part of the new TAG McLaren corporate headquarters near Woking, Surrey, United Kingdom.
The TAG McLaren Group, based in Woking, is a specialized hi-tech group of companies. It comprises McLaren International (Formula One), McLaren Cars (high performance road cars), TAG Electronic Systems (automotive electronic systems), TAG McLaren Marketing Services (marketing services), McLaren Composites (advanced composite structures) and other activities which are related to motor racing.
Jürgen Hubbert, DaimlerChrysler Managing Board member responsible for the Mercedes-Benz and smart passenger car business, stated: "The investment in TAG McLaren is the result of our increasingly close and mutually beneficial cooperation in Formula One and in other areas. It forms a part of DaimlerChrysler's long-term strategy of maintaining Mercedes-Benz's leadership in engineering performance, technological edge and brand image in the face of increasingly stiff competition. It also ties in with our strategic orientation toward developing the sporting accents of the Mercedes-Benz brand, initiated with the decision to acquire a majority interest in AMG."
Ron Dennis, Chairman and Chief Executive Officer of the TAG McLaren Group, commented: "This is an historic milestone in the further development of the TAG McLaren Group. The equity participation of DaimlerChrysler will further strengthen TAG McLaren. It will also permit an even closer cooperation between TAG McLaren and DaimlerChrysler, which will make ever greater use of the synergies that exist to the benefit of all shareholders and employees of the Group. Our new corporate headquarters and research and development centre will put us in the optimum position to exploit the available opportunities even more effectively."
Top Stories
© 1998-2007 DaimlerChrysler. All rights reserved.