Chemical company INEOS has become part of the Mercedes-AMG Petronas Formula One team as a one third equal shareholder alongside Daimler and Austrian investor Toto Wolff.
The INEOS one-third stake in the team will be in addition to its existing role as principal partner, the company said. Daimler will reduce its current 60% shareholding and Toto Wolff increase his current 30%, in order to create three equal partners in the company.
‘Big challenges are a core part of our mindset at INEOS and our involvement across a number of different sports demonstrates that we always aim for the very best,’ said Sir Jim Ratcliffe, chairman of INEOS. ‘This is a unique opportunity to make a financial investment in a team at the very top of its game, but which still has rich potential to grow in the future.’
This story uses material from INEOS, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
