Mahindra & Mahindra has been unsuccessful in taking over Pininfarina – the Italian design firm. This was because of the rejection of the creditor banks of the Italian car designer. As reported, this comes as a setback to Mahindra & Mahindra as it had employed quite some of its resources in trying to acquire Pininfarina.
The Italian car designer’s creditors had showed their opposition to Mahindra’s move as it involved writing off almost half of the company’s debts of USD 97 million or 87 million euros. Also, it is expected that the Italian company will be working towards a completely new debt management and restructuring plan.
Mahindra was targeting to take over the company, which was founded in 1930, right from the month of April, 2015. Interestingly, this company has been facing losses for more than a decade now. Also, a wing of the company had shut down some years ago.
Pininfarina had designed some memorable models if we go down the memory lane that include the Ferrari 458 Italia, Alfa Romeo Spider and Brera, the 612 Scaglietti, 599 GTB Fiorano, the Ferrari California, Maserati Granturismo and Quattroporte.
