Mahindra & Mahindra Bids Again to Acquire Pininfarina

MANILA: The tenth most trusted brand in India, Mahindra & Mahindra is in the news for the past few months now. With a number of acquisitions lined up in its kit, the brand has no plans to stop and is ambitious enough to keep on expanding its width. After procurement of South Korean carmaker Ssangyong and scooter unit of French auto manufacturer PSA Peugeot Citroen, the company is now hopeful to welcome Turin-based Pininfarina. Those who are not aware what Pininfarina is we would like to inform you that it is automobile designer firm in operation since 1930. But for the past 10 years it has seen some dark financial clouds hailing over its not so operational workplace.

It’s a wonder how the creator of Ferrari 458 Spider roadster, Rolls-Royce Camargue, Cadillac Allante and Maserati Quattroporte as well as automotive classic like Alfa Romeo Giulietta Spider has fallen so low. In the past few months, many failed negotiations went out of the window, all because of its majority shareholder Picar and banking creditors who failed to agree a sale. But with Mahindra, the scene seems to be a bit different, as in few days from now both the companies are planning to sign a deal, thus putting an end to the designer firm misery.

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Final purchase price and the debt selectmen amount are yet to be finalized, and who knows if they are already under the closed files which both the companies doesn't wish to disclose at the present moment. Well what has been revealed is the 11 per cent share that Pininfarina will enjoy after the shift, and the debt amount of PhP 4.57 billion (EUR 87 million) that this designer firm carriers over its shoulder.

We previously reported you about Mahindra's earlier attempt to take over the firm that was in vain because of rejections from the creditors. And since then, Pininfarina decided to start with a stand-alone business plan in order to sustain its downfall. Plus on the part of the Indian auto firm, it is been reported to be acting cautiously and plan to invest as low as possible on the deal.

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Now lets see if this second attempt proves lucky for Mahindra and bring a new India based home for Pininfarina.