Mahindra & Mahindra does not stop their intentions to achieve acquire Italian design firm Pininfarina SpA. Sources close to the negotiations say that would be close to reaching an agreement.
M Mahindra & Mahindra, the largest car manufacturer in India, would be close to reaching an agreement to acquire Italian design firm Pininfarina SpA , according to which ensures Automotive News sources familiar with the matter.
after talks stalled some months ago, both companies will try to conclude the negotiations in the coming days. Mahindra and Pininfarina have yet to agree on the final purchase price , which is not enough, as well as issues related to the debt of the Italian company.
While they were close to sealing a deal last March, negotiations were stalled after Pininfarina’s creditor banks oppose the proposal of Mahindra. For the company of Indian origin, stay with the design firm Pininfarina means a play which allows you to add a special touch to their vehicles in fact the Italian firm cooperates at present to design products as yet unpublished TUV300.
Pininfarina was founded in 1930 and has designed some classic car for brands like Ferrari or Alfa Romeo. In recent years they expanded their horizons to achieve cover topics as diverse as the furniture design, interior and even buildings , but nevertheless in the last year reported a net loss of 1.3 million euros and debt currently amounts to 45 million euros.
Mahindra acquired meanwhile SsangYong Motor Company five years ago and last year won the majority share of motorcycle division of PSA .
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