The German consumer Henkel group has resolved a legal row with Brawn GP over a disputed £80m sponsorship deal.
Last week it was revealed that Henkel - which owns numerous well known brands including Persil, Loctite and Schwarzkopf haircare - had rejected any responsibility for the deal, claiming that it was agreed by a former employee without the company's authorisation or knowledge.
Both parties have issued separate statements this morning claiming the dispute has been resolved though, since both parties have agreed on confidentiality, no further information was given other than for the fact that "all potential claims will be dropped" and "all court proceedings will be withdrawn".
Henkel, revealed that it will continue to cooperate with the Prosecutor's Office in relation to the fraud case which the Düsseldorf Prosecutor's Office is currently investigating and which involves convicted fraudster Willy Luchs and a former Henkel employee.
Yesterday, Mercedes GP announced that Petronas, the Malaysian national oil and gas company, is to become title sponsor of the Brackley-based outfit.