Mahindra's attempt to buy Italian design firm Pininfarina collapsed over the weekend due to opposition by the latter's creditors.
According to Italian newspaper Il Messaggero, three or four banks holding Pininfarina's €87 million ($97 million USD) debt rejected a deal by the Indian company to buy the design house with the idea of writing off half of said debt, Reuters reports; Mahindra and Pininfarina had worked on SUVs and concepts in the past. Pininfarina will now seek a new debt restructuring agreement.
Had Mahindra's deal been approved, the company would be the latest to acquire ownership of an Italian company in a series of foreign takeovers, such as ChemChina's purchase of tire manufacturer Pirelli earlier this year, amid Italy sorting itself and its economy out.
(Photo credit: RL GNZLZ/Flickr/CC BY-SA 2.0)
The post Mahindra-Pininfarina Deal Rejected By Creditors appeared first on The Truth About Cars.
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