By on June 30, 2015

Mahindra XUV 500 W6 2013

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)

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