LONDON, Dec 18 — Petrochemicals giant Ineos has acquired a one third stake in the Mercedes Formula One team, the world champions said in a statement on Friday.

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 per cent, and team principal and chief executive Toto Wolff, who will continue in his role for another three years.

The team will continue to race as the works Formula One team of Mercedes-Benz, the statement added. — Reuters