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McLaren Denies Apple Buyout

British formula one team and supercar maker McLaren has denied reports that tech giant Apple is looking to invest in the company.

A McLaren spokesman confirmed it is not in discussion with Apple in respect of any potential investment.

However it did not deny that it has held talks with Apple representatives, saying it regularly has confidential conversations with a wide range of parties but keeps them confidential.

The speculation followed a report in the Financial Times, citing three sources the paper said had been briefed on negotiations. Sources claimed Apple had made an approach for a strategic investment or a potential buyout.

The automotive group could be valued at between 1 billion pounds (A$1.7 billion) and 1.5 billion pounds, the FT said.

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