Pininfarina said Monday that a deal has been reached for India's Mahindra & Mahindra to take over the Italian car designer. Pininfarina is famous for its designs of luxury cars such as Ferrari, Rolls Royce and Maserati models. Mahindra & Mahindra makes various vehicles, including SUVs and tractors. It will take over Pininfarina via its Tech Mahindra subsidiary.
Mahindra is one of the biggest customers of the heavily indebted Pininfarina.
It will buy all the shares currently held by Pincar at 1.10 euros each, a total of almost 25 million euros, before launching an offer for the remaining shares.
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