<p>Petrochemicals giant Ineos has acquired a one third stake in the Mercedes Formula One team, the world champions said in a statement on Friday.</p>.<p>The company, already a principal partner of the team, will become an equal stakeholder with parent company Daimler, which is reducing its shareholding from 60%, and team principal and chief executive Toto Wolff, who will continue in his role for another three years.</p>.<p>The team will continue to race as the works Formula One team of Mercedes-Benz, the statement added.</p>
<p>Petrochemicals giant Ineos has acquired a one third stake in the Mercedes Formula One team, the world champions said in a statement on Friday.</p>.<p>The company, already a principal partner of the team, will become an equal stakeholder with parent company Daimler, which is reducing its shareholding from 60%, and team principal and chief executive Toto Wolff, who will continue in his role for another three years.</p>.<p>The team will continue to race as the works Formula One team of Mercedes-Benz, the statement added.</p>