Mahindra-Pininfarina Deal Rejected By Creditors
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)
Seattle-based writer, blogger, and photographer for many a publication. Born in Louisville. Raised in Kansas. Where I lay my head is home.
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Darn. I was looking forward to saying "Mahininfarina" or "Pininfarindra".
Did Mahindra purchase the last gen Oldsmobile logo from the GM bankruptcy trust?
Is this Mahindra's pig snout a result of gaming the light truck classification like the UDSM Lexus NX and they plan to sell it here? Or is it that ugly even in countries where it needn't be?
Between the completely superfluous rear wheel arch, the hideous bottle opener door handles, and the fake plastic diamond panel fill at the front, I can almost feel my breakfast coming back up. And I don't eat breakfast.