McLaren CEO Mike Flewitt said that shareholders in the company's Formula One team and luxury sports car sister organization are "committed to both businesses and have turned down bids from prospective buyers," according to Costas Pitas of REUTERS. Ron Dennis, who headed the McLaren Technology Group that runs the Grand Prix racing team, was "forced out this week after what Sky News said was a dispute over a Chinese takeover bid that Dennis backed and other investors opposed." Flewitt said that "there had been interest in the brand, but shareholders were committed to keeping their stakes in both firms." Bahraini investment fund Mumtalakat, Dennis and TAG, a company led by Saudi-born businessman Mansour Ojjeh, are the automotive firm's three biggest shareholders, and also own all of MTG, responsible for F1 and applied technologies. Flewitt said, "There have been a number of bids." There was also speculation in September that "U.S. technology giant Apple had made an approach to invest in or buy McLaren, according to the Financial Times." Flewitt: "There wasn't a bid from Apple" (REUTERS, 11/18).
