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Tom mulls bid for Formula 1 rights

World Brief

The Tom Group, one of the stock market-listed parts of billionaire Li Ka-shing’s empire, is reportedly in the race to buy control of Formula 1 rights owner SLEC from U.K. businessman Bernie Ecclestone and a consortium of banks.

According to the U.K. and Hong Kong press reports, Tom has offered $1 billion.

But in a statement, the company said that “we do from time to time engage in preliminary talks with concerned parties on possible cooperation or investment. It is premature to suggest that Tom is discussing any specific deal at this moment.”

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