SpaceX IPO Filing Expected This Week as Valuation Could Surpass $75 Billion 
Goldman Sachs Raises ECB Rate Hike Forecast Amid Persistent Energy-Driven Inflation 
U.S. Stock Futures Steady as Iran Reviews U.S. Ceasefire Proposal 
WTO Reform Talks Begin in Cameroon Amid Global Trade Tensions 
Bank of Japan Unveils New Inflation Gauge to Support Case for Future Rate Hikes 
Berkshire Hathaway and Tokio Marine Form Major Strategic Insurance Partnership 
Citi Names Eric Farina and Rob Cascarino to Lead Global Infrastructure Financing Group 
Golden Dome Missile Defense: Anduril and Palantir Join Forces on Trump's $185B Space Shield 
CK Hutchison's Panama Ports Dispute Escalates as Arbitration Claims Surpass $2 Billion 
UK Consumer Confidence Weakens Amid Middle East Conflict and Rising Living Costs 
Japan Eyes Oil Futures Intervention to Stabilize Yen Amid Middle East Crisis 
Trump Tariffs Show Minimal Economic Impact but Boost Federal Revenue, Study Finds 
SLMG Beverages Eyes Price Hikes Amid Rising Packaging Costs and India's Booming Soft Drink Market 
Gold is meant to be a ‘safe haven’ in uncertain times. Why is it crashing amid a war? 
SK Hynix Eyes Up to $14 Billion U.S. IPO to Fund AI Chip Expansion 
BMW came forward to dismiss reports that it is planning to buy McLaren Automotive. The news was first published on Sunday, Nov. 14, by the German automobile news outlet, Automobilwoche.
According to Reuters, the publication claimed that BMW and Audi are interested in buying the British automotive manufacturer but did not name or mention its source for the information. The outlet added that Audi is also looking into the Formula 1 unit of the McLaren Automotive, and it is open to collaborative opportunities.
Reuters contacted BMW for comments regarding the news but was told through the phone that the report was “wrong.” As for Audi, it wrote in an email that it is regularly considering various cooperation opportunities as part of its strategies, but it did not mention or specify anything related to McLaren.
At any rate, prior to the BMW’s dismissal of the acquisition plan reports, Bloomberg reported that Automobilwoche even said BMW is set to hold discussions early next month with Bahrain’s sovereign wealth fund Mumtalakat, which manages McLaren. But this could not be happening as the Bayerische Motoren Werke AG luxury vehicle maker already denied it is interested in the Woking, the United Kingdom headquartered carmaker.
The acquisition reports come as McLaren Automotive has been trying to sort out its finances that were said to have been heavily affected by the pandemic. BMW was able to raise £550 million or around $738 million from its current investors.
It also sold preference shares and equity warrants to new investors that include Ares Management Corp. and Saudi Arabia’s Public Investment Fund. Moreover, the company was said to have collected $620 million from a bond. Now BMW is working to manage these investment gains.
Meanwhile, based on the report related to the rumored plans to acquire McLaren, which has now been denied, McLaren was said to have recorded a £222.9 million operating loss last year due to the pandemic. The company’s sales reportedly crashed by 64% to 1659 cars in 2020 as well, but the situation was said to have improved this year, with its revenue doubling in the first half of 2021.
