Tom Group, the media company which forms part of Hong Kong tycoon Li Ka-shing's business empire, has issued a statement in which it says that talk of a buy-out is premature and highly speculative.

"We do from time to time engage in preliminary talks with concerned parties on possible cooperation or investment," read the statement. "Formula One has become a very popular event which attracts lots of media attention. We also see widespread speculation on investment and acquisition discussions related to this industry.

"However, it is premature to suggest that TOM is discussing any specific deal at this moment," it added.

Meanwhile, according to French news agency AFP, a spokeswoman for Tom Group's parent company, Hutchison Whampoa, denied that any talks have taken place. "We are not in talks with anybody to buy F1," she said.

Curiouser and curioser.

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Buy-out talk is "premature" says Tom Group

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