Ineos to acquire a stake in Mercedes Formula One team from Daimler.

Ineos, a UK petrochemicals giant, agreed to acquire a stake in Mercedes Formula One team from Daimler, a producer of premium cars and the manufacturer of commercial vehicles with a global reach. Financial terms were not disclosed. “It is a sign of the strength of the organization in Brackley that we have been able to attract prestigious investors in INEOS, who see real potential for the future growth and development of the team. We remain firmly committed to Formula One, and the forthcoming cost cap along with the new shareholding structure put us in an even stronger position for continued success. With an even closer alignment to our Mercedes-AMG performance division beginning in 2021, and Toto’s continued leadership in the coming years, the future is bright for Mercedes-Benz in Formula One,” Ola Källenius, Daimler Chairman of the Board of Management.