Pininfarina is the new jewel in the crown of Mahindra, it is as well as the company itself outlines the acquisition of this design firm with 85 years of history and that has worked for years for the main car manufacturers, being the most notorious collaborations with Ferrari. Mahindra took several months after Pininfarina, and has finally managed to get hold of a 76,06% of shareholding of the company, which until now was controlled by PincarS.r.l. a prcio of 1.1 euros per share (25.3 million euros).
The acquisition will take place through a joint venture created between Tech Mahindra Limited and Mahindra & Mahindra, two companies of the holding company Mahindra Group. The first part will hold the 60% of the package of shares, while on the automotive division Mahindra & Mahindra will bear the remaining 40%. The actions that have not been acquired by this joint-venture, will be offered in a Public Offering of shares (IPO) at the same price.
in Spite of the absorption of Pininfarina, the company will remain independent and listed on the Milan stock exchange. The current director of the firm, Paolo Pininfarina will continue at the helm of this prestigious firm. As part of the agreement, Mahindra is committed to invest 20 million euros in Pininfarina, in addition to give you a guarantee of 114,5 million euros to various creditors.
Mahindra expected to take a lot out of to the study design and the engineers from Pininfarina in other aspects, in addition to automotive. Has a team with experience that will be vital for the growth of the company, to put the focus on the european market, american or chinese, knowing the main trends in terms of design in various products.
Source – Mahindra