Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Pininfarina chairman welcomes Mahindra interest
BackBack

Pininfarina chairman welcomes Mahindra interest

The development makes the Ferrari designer's share prices jump 11% in Milan trading

Pininfarina was founded in 1930 and has designed automotive classics such as the Ferrari 250 GT (above) and Alfa Romeo Giulietta Spider from the 1950s. Photo: AFPPremium
Pininfarina was founded in 1930 and has designed automotive classics such as the Ferrari 250 GT (above) and Alfa Romeo Giulietta Spider from the 1950s. Photo: AFP

Milan: Pininfarina SpA jumped 11% in Milan trading as the chairman of the designer of Ferrari SpA cars said he welcomed Mahindra and Mahindra Ltd’s interest in buying the Italian company.

“We are pleased" that India’s largest maker of sport-utility vehicles (SUVs) has shown interest, said chairman Paolo Pininfarina in Milan on Wednesday. “I can’t confirm nor can I exclude" that a deal will be signed before Pininfarina holds its annual general meeting on 29 April, he said.

Mahindra may reach an agreement to purchase the company, which has designed some of the most iconic Ferrari sports cars, as early as this week, said people familiar with the matter have. Mahindra said earlier this week that the company hasn’t reached any agreements on Pininfarina that “require disclosure".

Trading in Pininfarina shares were suspended today after jumping 11% to €6.015, valuing the designer at about €182 million ($196 million).

The stock has gained more than 45% since Bloomberg reported on 25 March that Mahindra was in talks about buying the company.

The Italian company was founded in 1930 and has designed automotive classics such as the Ferrari 250 GT and Alfa Romeo Giulietta Spider from the 1950s.

Pininfarina has been unprofitable for 10 of the past 11 years while struggling with debt and a floundering division that built cars for other manufacturers, a business it shut three years ago.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 22 Apr 2015, 07:12 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie