Indian automaker Mahindra & Mahindra (M&M) has inched closer towards acquiring Italian vehicle designer Pininfarina SpA, with the discussions in the final stages.
Pininfarina has not been making profits for the past 10 years and has been struggling with debt, according to various media reports.
On Tuesday, Italian newspaper Il Sole 24 Ore reported that the talks were in the final leg, which had sent Pininfarina’s shares surging 21 per cent. According to Bloomberg, Pincar Srl, which holds a controlling stake in Pininfarina, said the talks were ongoing and will inform investors when a deal is reached. When contacted an M&M spokesperson declined to comment stating that the company does not comment on “speculative reports”.
M&M is gearing up to launch its compact sports utility vehicle TUV300 on Thursday, a sub four-metre vehicle that will compete with Ford EcoSport, Hyundai’s newly-launched Creta and Renault’s Duster.
The vehicle has been designed by Pininfarina.
No comments:
Post a Comment