Feb.28 (GMM) McLaren has become a third formula one team to say it has no plans to join rival Williams in floating shares on the stock market.
With Oxfordshire based Williams' 27 per cent floatation on the Frankfurt exchange to begin later this week, rival team owner Peter Sauber said recently he didn't "understand the reasons" behind the decision.And Ferrari president Montezemolo said: "There are no current plans (to list Ferrari)."On Monday, the Guardian newspaper quoted McLaren's chief financial officer Andy Myers as telling a similar story."The McLaren group has no plans to float in the future," said Myers.McLaren is 50 per cent owned by the Bahrain state-controlled Mumtalakat company, with Ron Dennis and Mansour Ojjeh holding the other shares.Myers said McLaren's strategy "is to remain as a private company in the ownership of a small number of focused shareholders, since we believe that best suits our business model".McLaren has bought back former shareholder Mercedes' 40 per cent stake.
