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Renault takeover of Lotus F1 team now a done deal
Renault have completed their takeover of the Lotus Formula One team and paid debts to creditors including the British tax authorities, the London High Court heard on Monday. 'We have a completion of the share purchase,' a lawyer for the French car company told the judge, Mr Justice Birss, at a hearing that formally dismissed an insolvency petition that would have put the team into administration. 'We have the keys, so to speak,' he added. The share purchase agreement (SPA) that made Renault the controlling shareholder had been due for completion on Dec. 16 but the court heard that the acquisition was finalised only late last Friday. Jeremy Bamford, counsel for the revenue and customs...
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