Comments
An offer by Indian vehicle maker Mahindra & Mahindra to take over Pininfarina has fallen through due to opposition from some of the Italian car designer's creditor banks, newspaper Il Messaggero said on Saturday.
Expectations of a sale have recently fuelled gains in the shares of the loss-making Pininfarina group, famous for designing Ferraris and other luxury cars.
But three or four banks have rejected Mahindra's offer because it envisaged writing off half of Pininfarina's debts of 87 million euros ($97 million), the newspaper said.
Pininfarina declined to comment. It was not immediately possible to contact Mahindra.
Pininfarina will now seek to agree a new debt restructuring, Il Messaggero said.
($1 = 0.8957 euros)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.