The signature to seal arrived today the agreement between the Indian group Mahindra & Mahindra and Pincar, controlling shareholder of Pininfarina, the Italian company active in automotive design.
Mahindra & Mahindra and TechMahindra will purchase all the Pininfarina ordinary shares held by Pincar (76% of the share capital) at the closing of the agreement, for 1,10 euros per share.
The company's shares had been suspended from trading pending the note and the afternoon press briefing. Negotiations with the India's largest manufacturer of sports vehicles they had been going on for months (the first rumors date back to March of this year) and the agreement has resulted to the change of hands to the Asian giant of the historian Made in Italy group founded in Turin in 1930.
The terms of the deal, it seems, were finalized last week. According to sources close to the dossier, Mahindra will invest 150 million euros in Pininfarina to refinance the debt, amounting to more than 47 million at the end of September, and fresh investments.
In the session on Friday the title had made a slip (-9% at 4 euros) for fears related to the liquidation of the Pincar holding. The company had then specified that the negotiations with Mahindra were going ahead. Pininfarina already collaborates with Mahindra in the development of its SUVs and has worked, in particular, on the new compact model called TUV300.
