NEWS OF THE DAY: BRAWN GP = McLAREN GP

Mercedes-Benz has announced that it has taken over the Brawn Formula 1 team and re-named it Mercedes Grand Prix after buying a 75.1 per cent stake in the squad.

The German car giant will retain its role as McLaren's engine supplier until at least 2015, but will sell its 40 per cent stake in the squad back to the team over the next two years.