The race to acquire control of Pininfarina widens. Besides the Indians of Mahindrain fact, according to what Radiocor reports, the fund has also come forward Cheyne Capital to take over the Turin-based group active in automotive engineering and design. Cheyne Capital is a London-based fund with offices also in the United States, Bermuda and Switzerland and specializes in alternative investments.
The first contacts even took place last autumn. The fund, together with a group of investors gathered in a club deal, has expressed an initial interest by requesting an exclusivity and subsequently presented a binding offer subject to debt restructuring and the need to reach an agreement with the banks. In the meantime, Mahindra came forward who had been studying Piedmontese society for some time.
The Pininfarina family, which controls the company through Pincar, and the creditor banks in these first few months of the year conducted the negotiations on a double track: the Cheyne Capital fund, also through the binding offer, tried to tighten up to close the deal which is based on a proposal that envisages a takeover bid, repayment of a portion of the debt and a capital increase to support the relaunch of the group. The crux concerns the price which, even after the latest rumors, has shot far beyond the values of the competitors.
Mahindra is also reflecting on the issue, together with its advisors Rothschild and the law firm Gianni Origoni Grippo e Cappelli, which remains interested in Pininfarina but has not yet submitted binding offers. Pininfarina, assisted by the Pavesio law firm, is watching Mahindra's advances with interest, but the agreement with the Indians has already vanished several times in recent months. The next deadline is scheduled for mid-April. Cheyne Capital, with the advisors Lazard and the law firm 4Legal, is ready to confirm its interest if the discussions with Mahindra should fail again.
