Samsung Cuts U.S. Consumer Electronics Jobs as Headquarters Moves to Texas 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
ASML Trillion-Dollar Valuation: Can Europe’s AI Chip Giant Reach the Historic Milestone? 
Houthi Naval Blockade on Saudi Arabia Escalates Iran Conflict, Threatens Global Oil Supply 
Elon Musk Fuels SpaceX-Tesla Merger Speculation After Earnings Call 
Chalco Shares Jump as Chinalco Plans Up to $300 Million Stake Increase 
US Stock Exchanges Face Earnings Test as Trading Boom Meets Crypto Competition 
US Dollar Climbs to Weekly High as Middle East Tensions Lift Treasury Yields and Safe-Haven Demand 
US Dollar Pauses Rally as Middle East Tensions Support Safe-Haven Demand 
Trump Set to Unveil New Tariffs on Dozens of Countries as Global 10% Duty Nears Expiration 
Oil Prices Extend Four-Day Rally as U.S.-Iran Conflict and Red Sea Threats Raise Supply Fears 
Morgan Stanley Downgrades Adobe, Workday as AI Transition Raises Growth Concerns 
Cathay Pacific Sees H1 Profit Surge on Strong Travel Demand 
US Stock Futures Rise as AI Optimism Lifts Tech, 3M Jumps on Strong Earnings 
Pakistan Seeks $10 Billion U.S. Exchange Stabilization Fund to Boost Forex Reserves 
Nasdaq Drops as AI Earnings, Oil Surge and Middle East Tensions Weigh on Wall Street 
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.
