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Audi Raises Offer to Gain Foothold in McLaren: Automobilwoche

  • Audi plans to take stake in Formula 1 unit in a first step
  • The firm could acquire stake in McLaren itself in second step

Photographer: Giuseppe Cacace/AFP/Getty Images

Volkswagen AG’s Audi brand raised its offer to gain a foothold in sports car brand McLaren to 650 million euros ($718 million) from 450 million euros, according to a report by the Germany’s Automobilwoche.

The idea is to take a stake in McLaren’s Formula 1 unit, while an investment in the sports car maker itself could happen in a second step, Automobilwoche reported, without saying how it obtained the information. The two parties plan to sign a letter of intent on Monday and Volkswagen’s supervisory board will discuss the matter later this month, according to the publication.